Turkish manufacturing contracts further in May, PMI shows
Turkish factory activity contracted in May as demand slowed, leading to a decrease in production and employment. The Purchasing Managers’ Index for Turkish manufacturing fell to 48.4, below the 50-point level indicating growth. Firms reported a drop in new orders, including export orders, due to challenging demand conditions and high prices. Manufacturers scaled back production and reduced staffing levels, with some firms not replacing departing staff due to lower workloads. Inflationary pressures continued to decrease, with input and output prices increasing at a slower pace.