Türkiye's manufacturing activity contracts most so far in 2024

By Tuba Ongun

Türkiye's manufacturing activity in June contracted the most so far this year amid subdued demand conditions, according to a survey released on Monday.

Purchasing Managers' Index for the manufacturing sector fell to 47.9 in June from 48.4 in May, a monthly report by the US-based financial services company S&P Global showed.

The figure remained below the neutral 50.0 threshold that separates growth from contraction for a third straight month.

Output and new orders moderated and employment was scaled back to the largest degree in 20 months as a result of muted demand, said the report.

The inflation rate continued to ease, with firms increasing their own selling prices to the least extent in four-and-a-half years, it noted.