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Turkey Manufacturing Sector Recovers In June

Turkey's manufacturing sector expanded in June, amid an easing of restrictions related to Covid-19, survey data from IHS Markit showed on Wednesday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, rose to 53.9 in June from 40.9 in May. Any reading above 50 indicates expansion in the sector.

The PMI climbed above 50 for the first time since February.

New orders grew in June as companies reopened and new business from abroad rose at a softer pace. Higher output led to an expansion in both employment and purchasing activity.

Stocks of purchases declined in June, while inventories were used to increase production. Suppliers' delivery time lengthened to the greatest extent in the survey history.

Input cost increased sharply in June and rate of inflation eased. Output charges increased sharply and at the fastest pace in three months.

"The severity of the COVID-19 downturn was such, however, that much more will be needed in coming months to recover the output lost during the worst of the pandemic," Andrew Harker, Economics Director at IHS Markit, said.

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