Türkiye's PMI down in July as inflation slows sales

Türkiye's PMI down in July as inflation slows sales

PMI down to 49.9 in July, falling from 51.5 in previous month

By Gokhan Ergocun

ISTANBUL (AA) — Türkiye's purchasing managers index (PMI) for its manufacturing sector was down to 49.9 in July, decreasing from 51.5 in June, data provider S&P Global reported on Tuesday.

Business conditions were broadly stable in the country's manufacturing sector through the month, it noted in a press release.

Inflationary pressures caused a slowdown in new orders and sales in the sector, said S&P.

In the meantime, companies' efforts to increase capacity utilization served to boost to employment, it added.​​​​​​​

"Resurgent price pressures dampened demand for Turkish manufactured goods in July," the statement quoted Andrew Harker, economics director at S&P Global, as saying.

"Both input costs and selling prices rose at much stronger rates at the start of the third quarter, making it harder for firms to secure new business."

As a result, a four-month sequence of production growth came to an end, he added.

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