Condition in Turkey's manufacturing sector deteriorated again in August as employment fell, despite the weak lira pushing up new orders. The Turkish PMI fell to 49.3 in August from 50.1 in July, survey data from Istanbul Chamber of Industry and Markit showed. Any figure below 50.0 indicates a contraction of the sector. Manufacturing, which accounts for about a quarter of Turkey's gross domestic product, has contracted for six of the eight months of this year.
In August new orders received by Turkish manufacturers fell for the eighth month in a row in August with companies blaming lacklustre market conditions and ongoing political uncertainty. Employment fell for the second time since June 2009, and input stocks saw the fastest contraction in seven months. "Domestic markets drove the overall decline in new orders during the month, as exports received a boost from the weak lira."
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