November 1, 2022
Turkey’s Istanbul Chamber of Industry (ISO) Manufacturing PMI, the leading indicator of economic growth in Turkey and often regarded as the quickest and most accurate measure of manufacturing industry performance, fell to 46.4 in October. For the eighth month in a row, the leading PMI remained below the 50-point level, indicating a substantial slowdown in the sector’s performance. Since May 2020, this decline has become the most significant. Due to the absence of demand for new orders, the momentum continued to decline into the 13th month, which contributed to the worsening of operating conditions.
In all sectors, new orders decreased in October, according to the Istanbul Chamber of Industry’s Turkey Sectoral PMI survey, with the exception of land and sea vehicles, where demand rose for the fourth time in the previous six months. The textile, non-metallic mineral, apparel, and leather products industries had the greatest loss of impetus. In eight out of the 10 industries, production declined. Four industries had a growth in employment, with the manufacturing of metal and machinery seeing the largest increase. Only the sectors of chemicals, plastics, and rubber saw an increase in input price inflation.
Four sectors saw an increase in employment. However, in the period between April and May 2020, the number of sectors with an increase was noted at the lowest level since the first pandemic wave. Machinery and metal products saw the greatest rise in employment. The basic metal industry, land and marine vehicles, the chemical, plastic, and rubber industries were placed after this industry, in that order. The hiring process experienced the sharpest slowdown in textile products.
Source: Istanbul Chamber of Industry – Translated by Karen.
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