August 4, 2022
The leading indicator of economic growth, the Istanbul Chamber of Industry Turkey Manufacturing PMI, which is regarded as the fastest and most trustworthy reference in the manufacturing industry performance, decreased to 46.9 in July and remained below the cutoff value of 50 for the fifth consecutive month. Since May 2020, the operating conditions have significantly slowed down, according to the index. Although there was a general lack of demand that caused the slowdown, unstable market circumstances and ongoing price pressure made the situation worse.
The sectoral PMI survey from the Istanbul Chamber of Industry Turkey also indicated decline in the manufacturing industry sector as a whole in July. For the first time in the last 15 months, production has slowed down in all 10 sectors. Similarly, new orders slowed down in nine out of 10 sectors, with the exception of the strong increase recorded in the land and sea vehicles sector. On the foreign demand side, a slightly more positive picture was observed and new export orders increased in three sectors.
The Istanbul Chamber of Industry (ISO) Turkey Manufacturing PMI (Purchasing Managers Index) survey results for the period of July 2022 have been released. This survey is regarded as the quickest and most accurate way to gauge the performance of the manufacturing sector, which is the primary indicator of economic growth. The headline PMI, which was measured at 48.1 in June, dropped to 46.9 in July, remaining below the threshold value for a fifth consecutive month, according to the survey results, in which all data measured over the threshold value of 50.0 signal an improvement in the sector.
Source: Istanbul Chamber of Industry Turkey
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