Turkish manufacturing PMI falls lowest level since April

By bne IntelliNews October 1, 2015

Latest PMI survey data from Istanbul Chamber of Industry and Markit showed on October 1 that the headline PMI fell to 48.8, the lowest level since April’s 48.5, in September 49.3 in August, as a signal to on-going deterioration in business conditions at the end of Q3. The index fell under 50-benchmark level, separating optimism and pessimism, in August.

Industrial production data for July was not promising too.  The 0.3% y/y rise recorded in industrial output in July was the lowest rate of increase since February. The only month industrial production contracted this year is January when output fell 2.1% y/y on a calendar adjusted basis. The disappointing July data weighs another pressure on Turkish lira and stocks that have already been under pressure because of heightened political uncertainty ahead of the November elections and security concerns. Recent macroeconomic data does not point to a significant recovery in economic activity.

Industrial Production by main Industrial Groups (July)    
(%) Calendar Adjusted Seasonally & Calendar Adjusted
  (y/y) (m/m)
Total Industry 0.3 -1.5
Intermediate Goods 0.2 -1.7
Durable Consumer Goods -2.5 -11.3
Non-durable Consumer Goods 0.6 -2.5
Energy 3.3 2.1
Capital Goods -1.7 -0.1
Source: tuik

Related Articles

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more

EU governments reportedly agree to cut Turkey’s pre-accession funds

EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more

Mystery deepens over Zarrab's role in Iran sanctions case reverberating in Turkey

Reza Zarrab, the wealthy Turkish-Iranian entrepreneur who allegedly masterminded an extensive conspiracy to help Iran evade US sanctions will not stand trial in New York this week as scheduled, even ... more

Dismiss