Manufacturing PMI hits 2-year low

The Istanbul Chamber of Industry (ISO) Turkey Manufacturing PMI (Purchasing Managers Index) dropped from 48.1 to 46.9 month-over-month in July, below the threshold level of 50.0 for the fifth consecutive month. Thus, the ISO Turkey Manufacturing PMI has fallen to its lowest level since the beginning of 2020, when the pandemic started.

Market uncertainty and price pressures added difficulties to firms.

Purchasing activity was scaled back, while employment growth was the softest in has been in 26 months. Meanwhile, rates of both input cost and output price inflation softened.

Both output and new orders eased in July, and to the greatest degree since the first wave of the COVID-19 pandemic. One relatively bright spot on the demand side was for new export orders, which were broadly unchanged.

Firms scaled back purchasing activity in line with lower levels of new orders, while stocks of inputs decreased for the first time in three months.

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