Turkey’s reserves head to minus territory, lira flat and bond yields break records
3 days ago
The Turkish manufacturing sector saw its 13th consecutive contraction in April, but the Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) also showed some signs of improvement.
The headline PMI was unchanged at 47.3 (any figure below 50.0 denotes a decline).
Andrew Harker, economics director at S&P Global Market Intelligence, said: "An uncertain international economic environment added to the challenges facing Turkish manufacturers in April. As such, further moderations in new orders, output and exports were recorded by the latest PMI survey.
“That said, there were some signs of improvement, raising hopes that the sector could potentially move closer to growth territory in the months ahead."
The April data showed rates of moderation in output, new orders and exports all eased.
Muted demand conditions contributed to the most pronounced quickening of vendor lead times since the end of 2022, S&P added.
Turkish manufacturers in April also saw inflationary pressures strengthen.
S&P said “the rate of input cost inflation quickened to the fastest for a year amid currency weakness and higher costs for raw materials. These factors also led to a further rise in selling prices. Here too, the pace of inflation accelerated, reaching the fastest for seven months”.
The latest PMI data were collected between April 9 and the morning of April 23, thus the survey closed prior to the Istanbul earthquakes of April 23.
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