Türkiye's manufacturing PMI improves in August

ISTANBUL

Türkiye's manufacturing purchasing managers index (PMI) went up from 45.9 to 47.3 in August on a monthly basis, data provider S&P Global stated on Monday.

"The latest reading pointed to a solid moderation in business conditions in the sector, albeit one that was the least pronounced since April," a S&P Global press release said.

It said that although Turkish manufacturers continued to face a challenging market environment last month, there were some signs of pressures easing as output and new orders moderated to lesser extents than in July.

It added: "Workloads were such, however, that firms continued to scale back employment and purchasing activity.

"Meanwhile, the rate of input cost inflation quickened slightly, but output prices rose at the slowest pace in the year-to-date."

Andrew Harker, economics director at S&P, said that business conditions remained challenging for Turkish manufacturers in August, and employment was scaled back markedly as a result.

"There were, however, some signs of positivity from the latest PMI survey, which showed the respective slowdowns in output and new orders losing steam," he added.

He said if these trends continue in the months ahead, then the sector could be “looking brighter as we head toward the end of the year.”