Türkiye's manufacturing activity contracts most so far in 2024

Türkiye's manufacturing activity contracts most so far in 2024

PMI for Turkish manufacturing sector drops to 47.9 in June, amid subdued demand conditions

By Tuba Ongun

Türkiye's manufacturing activity in June contracted the most so far this year amid subdued demand conditions, according to a survey released on Monday.

Purchasing Managers' Index for the manufacturing sector fell to 47.9 in June from 48.4 in May, a monthly report by the US-based financial services company S&P Global showed.

The figure remained below the neutral 50.0 threshold that separates growth from contraction for a third straight month.

Output and new orders moderated and employment was scaled back to the largest degree in 20 months as a result of muted demand, said the report.

The inflation rate continued to ease, with firms increasing their own selling prices to the least extent in four-and-a-half years, it noted.

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