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Türkiye's manufacturing data signals further slowdown in September

Türkiye's manufacturing data signals further slowdown in September
Manufacturing PMI drops to 46.9 indicating marked slowdown at end of 3rd quarter

By Aysu Bicer

ANKARA (AA) - Türkiye’s manufacturing sector slowed down due to fragile demand conditions and inflationary pressures, according to US-based financial services company S&P Global on Monday.

The manufacturing PMI fell to 46.9 in September, from 47.4 in August, indicating a more marked slowdown at the end of the third quarter.

Any figure greater than 50 indicates overall improvement in the sector. "The headline PMI posted below the 50.0 no-change mark for the seventh month in a row, signaling a further moderation in the health of the manufacturing sector," S&P Global said.

Commenting on the data, Andrew Harker, economics director at S&P Global Market Intelligence, said: "The September PMI data provided few reasons for cheer for Turkish manufacturers as demand conditions both at home and abroad (notably in Europe), remained challenging."

"The sustained slowdown in new work has had an impact on employment, with firms scaling back workforces for the first time since the initial wave of the pandemic. With manufacturers sitting on increasingly large finished goods inventories, the prospects for production over the coming months appear bleak," he added.

source: News Feed
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