Turkish manufacturing fell in June, report says
ANKARA – Anadolu AgencyThe purchasing manager index of Turkey, seen as a gauge for the economic health of the manufacturing sector, declined below a critical level in June, data from Markit Economics indicated on July 1.
The PMI index slipped below 50 points on July 1, showing a contraction in the manufacturing sector.
The PMI fell to 49 in June from 50.2 in May, signaling an overall deterioration in business conditions for Turkish manufacturers at the end of the second quarter, the report said.
“Having shown signs of stabilizing in May, the Turkish manufacturing sector stumbled in June as output and new orders fell at sharper rates,” said Trevor Balchin, senior economist at Markit.
The report showed that, despite a weaker Turkish Lira, which is expected to boost exports under normal circumstances, new export orders declined in June.
Any figure greater than 50 indicates overall improvement in the sector while below that level suggests contraction, according to the report.