ISTANBUL
Turkish manufacturers endured a challenging demand environment at the start of the last quarter with new orders increasingly difficult to secure, data provider S&P Global said on Wednesday.
“As a result, production was scaled back and firms also acted to lower their employment and purchasing activity,” it noted.
Inflationary pressures eased in October thanks to input costs and selling prices rising at softer rates than in September.
The country’s purchasing managers’ index (PMI) for the manufacturing sector was at 48.4 in October, down slightly from 49.6 in September.
It noted: “Widespread demand weakness, both domestically and internationally, was signaled by manufacturers in October.
“As a result, total new orders and new export business moderated over the course of the month.”
Andrew Harker, economics director at S&P Global, said the main limiting factor for the sector was demand conditions in October, “with firms struggling to secure sufficient volumes of new orders to support production and maintain staffing levels.”
“There was some further respite in terms of inflation, however, which may provide some grounds for optimism that an improved demand environment can become established soon.”
