ISO Turkey Manufacturing PMI Rises in August
The Istanbul Chamber of Industry Turkey Manufacturing PMI data recorded an increase in August, reaching its highest level in the last three months.
The ISO Turkey Manufacturing PMI rose from 47.7 to 48.1 in August, reaching its highest level in the last three months; however, remaining below the threshold value of 50, it pointed to a moderate slowdown.
August PMI Data
The August results of the ISO Turkey Manufacturing PMI survey have been shared with the public. Continuing to stay below the threshold value of 50, the headline PMI rose to 48.1 from 47.7 in July.
Challenges Faced by the Sector
The war in the Middle East led to uncertainty in the region, causing demand to remain weak and suppressing the performance of the manufacturing sector. Accordingly, total new orders and new export orders slowed down.
Production and Cost Developments
Manufacturers reduced their production levels for the third consecutive month. The weakness in workloads led to a decline in employment and purchasing activities. Rising fuel, oil and raw material prices increased input costs.
Expert Evaluations
Andrew Harker, Economics Director at S&P Global Market Intelligence, stated that the decline in new orders losing momentum and occurring at the most moderate level of the last three months was promising.