Turkey's Purchasing Managers' Index (PMI) for the manufacturing sector reached to 46.4 points in August due to a slowdown in output and new orders, a closely monitored business survey revealed yesterday.
An Istanbul Chamber of Industry PMI Manufacturing Index report conducted in cooperation with London-based global data company IHS Markit showed a 2.6-point drop last month from July, signaling an easing in business conditions in the sector. "Output and new orders slowed on the back of exchange rate weakness, which also contributed to record rises in both input costs and output prices," the report read.
It said deceleration in both output and new orders have become more significant compared to the previous month as a reflection of the challenging demand conditions. The report added that new export orders increased for the second successive month. A reading greater than 50 indicates the sector is growing, while a reading below 50 signals a contraction.
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