Türkiye’s manufacturing activity moderated further in September as new orders and output shrank at faster rates, a top business survey showed on Wednesday.
The Turkish manufacturing purchasing managers’ index (PMI) slipped to 46.7 last month from 47.3 in August, a survey published by the Istanbul Chamber of Industry (ISO) and S&P Global revealed.
Any reading below 50 indicates a contraction in activity.
The sector has now seen activity contract for 18 months in a row as it grapples with muted demand, leading in September to a sharper slowdown in new orders and exports and prompting firms to scale back production, the survey showed.
Anecdotal evidence from the panel highlighted a challenging demand environment, which resulted in firms depleting outstanding business while excess finished products were added to inventories.
With workloads remaining subdued, manufacturers were hesitant to hire additional staff and opted to use some of their existing stockpiles of inputs rather than purchasing new materials, the survey showed.
“Demand conditions remained challenging in September, with output, employment and purchasing all scaled back as a result,” said Andrew Harker, Economics Director at S&P Global Market Intelligence.
“Meanwhile, there was some uplift in rates of inflation, again linked to currency weakness, but price pressures remained relatively subdued,” he added.
The Daily Sabah Newsletter
Keep up to date with what’s happening in Turkey,
it’s region and the world.
SIGN ME UP
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.