Istanbul Chamber of Industry Announces the Turkey PMI Manufacturing Survey Results for July 2016
The Istanbul Chamber of Industry PMI Manufacturing index increased to 47.6 in July, up from the figures in June. According to the Istanbul Chamber of Industry PMI Manufacturing index, July saw recession of manufacturing and new orders geared down compared to June, and the input price inflation continuing to decline.
Istanbul Chamber of Industry announced the Turkey PMI (Purchasing Managers Index) Manufacturing survey results for July 2016. This survey is recognized as the fastest and the most reliable sources of reference for the manufacturing industry’s performance, which is a key indicator of economic growth.
The Istanbul Chamber of Industry PMI Manufacturing index indicated that the shrinkage continued for the Turkish manufacturing industry, yet with a slower pace than that of July. Although recorded below the critical threshold of 50.0 in July, the PMI index rose from 47.4 in June to 47.6 in July. Ongoing recession in manufacturing and new orders slowed down as against the figures of June.
With a weak Turkish lira, manufacturers' input prices maintained their rise in July. However, input prices inflation continued its decline to fall below the long-term average.