Kazakhstan's manufacturing remained under pressure in May, PMI data shows
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Annual home price growth in Turkey decelerated to 9.48% in March, the lowest level recorded since March 2011, data from the central bank showed on May 17.
The posted growth fell below annual CPI inflation last September and subsequently stayed lower than the inflation indicator in the following seven months.
Turkey’s annual consumer price inflation rose to 10.85% in April, the highest level recorded this year, from 10.23% in March. Expectations for inflation ahead are climbing.
The Turkish government has been trying to stimulate home sales prior to the June 24 snap elections. There are a total of 1.5mn-2mn unsold homes in Turkey, according to sector representatives.
Homes sales in Turkey posted a sharp decline of 14% y/y to 110,905 in March. Consequently, home sales declined by 7% y/y to 303,877 units in Q1 while mortgage sales fell by 29% y/y to 89,380 units.
Reuters reported last month that payment problems and a slowdown in new projects were besetting Turkey’s construction firms, which have very much driven the country’s stellar economic growth for years.
Construction contributed 0.7pp to last year’s 7.4% GDP growth.
Homes sales in Turkey rose by 5% y/y to 1.41mn units in 2017, marking a new all-time high, following the 4% y/y gain in 2016 to 1.34mn units.
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Kazakhstan's manufacturing remained under pressure in May, PMI data shows
New orders decrease slightly. Record reductions in backlogs and stocks of finished goods.
Near-stabilisation of business conditions in Turkish manufacturing recorded by May PMI
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