Turkey: Manufacturing activity contracted for the fourth month in a row

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Manufacturing activity in Turkey shrank for a fourth straight month in June as weaker demand prompted companies to cut output.

Manufacturing PMI stood at 48.1 in June from 49.2 in May, falling further below the 50 mark that separates recession from growth, according to a survey by S&P Global and the Istanbul Chamber of Industry.

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The survey indicates a challenging demand environment in Turkey, the survey committee said, adding that production and purchasing activity eased, while import costs and PPI remain high.

Price increases and difficult economic conditions contributed to weaker demand, causing a slowdown in both new orders and production.

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Companies continued to expand their workforces, although the pace of job creation was the second slowest in 25 months of labor force growth

Source: Capital

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