PMI signals further solid moderation in manufacturing
ANKARA
The headline PMI was unchanged at 47.3 in April, signaling a further solid moderation of the health of the Turkish manufacturing sector, S&P Global said on May 2.
Any figure greater than 50 indicates overall improvement of the sector.
The sector continued to face challenges in April, although there were some signs of improvement as rates of moderation in output, new orders and exports all eased, the survey said.
Firms again scaled back employment and purchasing activity, while muted demand conditions contributed to the most pronounced quickening of vendor lead times since the end of 2022.
In line with the headline PMI, output eased for the thirteenth consecutive month in April, with firms reporting challenging international market conditions and subdued demand.
Although solid, the latest moderation was less pronounced than that seen in March, it added.
The rate of input cost inflation quickened to the fastest for a year amid currency weakness and higher costs for raw materials.
“These factors also led to a further rise in selling prices. Here too, the pace of inflation accelerated, reaching the fastest for seven months,” it said.
An uncertain international economic environment added to the challenges facing Turkish manufacturers in April, commented Andrew Harker, economics director at S&P Global Market Intelligence.
There were some signs of improvement, raising hopes that the sector could potentially move closer to growth territory in the months ahead, he said.
