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The use of the ruble in EU trade settlements reaches a record $15.2bn in March
20 hours ago
Turkish manufacturers faced a challenging first month of the second quarter of 2024. A sustained slowdown in new orders fed through to a renewed moderation in output, S&P Global said on May 2, presenting the Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) for April.
Headline PMI moved below the 50.0 no-change mark in April, posting 49.3 from 50.0 in March. The index thereby signalled a moderation of business conditions for the first time in three months, albeit one that was only marginal overall, S&P added.
Andrew Harker, economics director at S&P Global Market Intelligence, said: "The recent spell of output growth was unable to be sustained at a time of moderating new orders and came to an end in April. Firms will be hoping that demand can pick up soon and feed through to sustainable improvements in production.
“There was some easing of inflation over the month to the lowest in the year so far, but manufacturers are still having to contend with rapid price increases which is hampering their ability to secure new business both at home and abroad."
With demand impacted by rising prices and high interest rates, new orders softened for the 10th month running, S&P said.
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