Survey indicates intensification of slowdown in manufacturing sector driven by coronavirus pandemic
Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector stood at 33.4 in April, according to a monthly business survey on Monday.
The Istanbul Chamber of Industry report, in collaboration with London-based global data firm IHS Markit, showed that the April figure dropped by 14.7 points month-on-month, posting the steepest decline since the global financial crisis.
The survey indicated the intensification of the slowdown in the manufacturing sector was caused by the coronavirus pandemic and measures introduced to stem the spread of the virus.
“Output and new orders eased at unprecedented rates, while firms scaled back employment and purchasing activity in response,” the survey said.
Turkish lira currency weakness led to upward pressure on prices, but inflation rate eased from March, it underlined.
The manufacturing PMI derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases is a composite single-figure indicator of manufacturing performance.
An index value above 50 indicates the sector is growing, while a figure below 50 signals a contraction.