Manufacturing indicator at lowest level since pandemic year
Istanbul Chamber of Industry (ISO) purchasing managers’ index (PMI) for September pointed to a sharp contraction in manufacturing. The index fell to 44.3, the lowest level since the pandemic year.
Signs of contraction in manufacturing indicators in Turkish economy continued in September.
Purchasing managers’ index (PMI) announced by Istanbul Chamber of Industry (ISO) came in at 44.3. In the previous month, the index was recorded as 47.8.
In September, survey participants’ feedbacks regarding the weakness in demand were noteworthy.
This weakness led to the sharpest decline in new orders in nearly four and a half years. The renewed slowdown in new export orders also signaled a stagnation in external demand.
Due to the weak course of new orders, production also slowed for the sixth consecutive month-on-month. The contraction in production was also the highest since May 2020.
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