Turkish manufacturing sector's PMI down in November

By Gokhan Ergocun

ISTANBUL (AA) – The purchasing managers' index (PMI) for the Turkish manufacturing sector was down to 47.2 in November from 48.4 in October, data provider S&P Global revealed on Friday.

The company said the downward trend in the Turkish manufacturing sector became more entrenched last month, while output, new orders, purchasing, and employment all moderated to larger extents than in October.

"Meanwhile, currency weakness again caused increases in input costs and output prices," it added.

"The rate of input cost inflation eased to a six-month low in November, but remained marked amid widespread reports that currency weakness had pushed up prices for materials," S&P Global said.

Andrew Harker, economics director at S&P Global, said: "PMI data makes for concerning reading as it shows the slowdown in the sector gathering momentum as the year draws to a close.

"Widespread demand weakness, both at home and abroad, is making it increasingly difficult for firms to secure new business and leading to the scaling back of output, employment and purchasing."