Türkiye's PMI down in July as inflation slows sales

By Gokhan Ergocun

ISTANBUL (AA) — Türkiye's purchasing managers index (PMI) for its manufacturing sector was down to 49.9 in July, decreasing from 51.5 in June, data provider S&P Global reported on Tuesday.

Business conditions were broadly stable in the country's manufacturing sector through the month, it noted in a press release.

Inflationary pressures caused a slowdown in new orders and sales in the sector, said S&P.

In the meantime, companies' efforts to increase capacity utilization served to boost to employment, it added.​​​​​​​

"Resurgent price pressures dampened demand for Turkish manufactured goods in July," the statement quoted Andrew Harker, economics director at S&P Global, as saying.

"Both input costs and selling prices rose at much stronger rates at the start of the third quarter, making it harder for firms to secure new business."

As a result, a four-month sequence of production growth came to an end, he added.