ISTANBUL: Turkish factory activity contracted for a fifth consecutive month in November as purchasing activity moderated along with a slowdown in output, new orders and employment, a survey showed on Friday.
The Purchasing Managers’ Index (PMI) for manufacturing fell to 47.2 from 48.4 in October, according to a survey by the Istanbul Chamber of Industry and S&P Global, moving further below the 50-point mark that separates growth from contraction.
Subdued market conditions both at home and abroad meant that new orders eased to the greatest extent since November 2022, the survey showed.
Production was also scaled back to the largest degree for a year as manufacturers responded to demand weakness while conflicts around the region and difficulty in securing raw materials contributed to the moderation, the survey showed.
Firms also scaled back staffing, the survey said, while inventories of inputs and finished goods were also lowered amid reduced output requirements.
Input and output prices rose mainly due to currency depreciation, the survey showed.
“The latest Türkiye manufacturing PMI data makes for concerning reading as it shows the slowdown in the sector gathering momentum as the year draws to a close,” said Andrew Harker, economics director at S&P Global Market Intelligence.
“Widespread demand weakness is making it increasingly difficult for firms to secure new business and leading to the scaling back of output, employment and purchasing.”
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