September results of ISO Türkiye Manufacturing PMI survey have been announced. According to the survey results, where all figures measured above the threshold value of 50.0 indicate an improvement in the sector, the headline PMI, which was 49.0 in August 2023, increased to 49.6 in September, indicating a moderate slowdown in the performance of the manufacturing sector. The data in question showed that operating conditions were approaching a horizontal course.
The performance of the manufacturing sector was observed to weaken during the third quarter. Although production slowed down for 3 consecutive months, this slowdown was recorded at a moderate level and at a lower rate compared to the previous survey period. Companies where production lost momentum generally attributed this situation to weak market conditions and the decrease in new orders.
Input costs continued to rise sharply at the end of the third quarter due to the depreciation of the lira. However, the inflation rate slowed down significantly compared to August and was at its weakest level since May. Accordingly, final product price inflation also decreased significantly compared to the previous survey period. Latest data indicated a very limited increase in employment, bringing the current upward trend into its fifth month.
The highest inflation is in non-metallic mineral products
According to the Istanbul Chamber of Industry Turkey Sectoral PMI September report, out of the 10 sectors followed, only food products increased production.
Input cost inflation slowed sharply across sectors in September. While the lowest rate of increase occurred in base metals, the highest inflation was recorded in non-metallic mineral products. Accordingly, the increase in final product prices also slowed down in all 10 sectors.
Comments
No comment yet.