Turkish Manufacturing Sector Deteriorates In May

Turkey's manufacturing sector contracted in May, mainly due to the latest Covid-19 lockdown, survey results from IHS Markit showed on Tuesday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index fell to 49.3 in May from 50.4 in April. Any reading below 50.0 indicates contraction in the sector.

Output and new orders increased at a softer pace in May. New export orders eased, ending a four-month sequence of growth.

The number of workforce rose through the second quarter. Suppliers' delivery times lengthened in May.

Input prices rose sharply in May and selling prices increased.

"Firms will be hoping that the lockdown had the desired effect in bringing infections under control, and that a swift return to growth will be seen now that measures have started to ease," Andrew Harker, economics director at IHS Markit, said.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT