Istanbul Chamber of Industry Announces Turkey and Istanbul Manufacturing PMI May 2018 Reports
The results of the ICI Turkey and Istanbul Manufacturing PMI surveys, the fastest and the most reliable reference for the manufacturing industry's performance that is the leading indicator of economical growth, were declared for the term May 2018.
Given that any figure above the threshold of 50 is an indication of improvement in the industry, Turkish Manufacturing Industry PMI which was measured as 48.9 in April dropped to 46.4 in May indicating the challenging operating conditions in the Turkish manufacturing industry in the middle of the second quarter. The survey participants named the slowdown in demand and the fluctuations in market as the main reasons of this state.
The total new orders received by Turkish manufacturers displayed a slowdown in May compared to the previous month. The survey participants attributed this state to the demand-related developments. As a reflection of this, the firms decelerated their purchasing and recruitment activities. The production in the Turkish manufacturing industry slowed down compared to April. The information based on anecdotes indicated that this state is mostly the result of market conditions. And the deceleration in export had also been effective in this state.
Gabriella Dickens, IHS Markit Economist, who evaluated survey data of Istanbul Chamber of Industry, Turkey Manufacturing PMI, said: "PMI indicated that the operating conditions of the manufacturing industry became even more difficult. This development is especially a result of the deceleration in production and new orders. As a reflection of this trend, the firms also slowed down their recruitment activities. Moreover, the increase in cost pressures caused the end-product prices to rise."
İstanbul Production PMI became 47.4 in May
Istanbul Chamber of Industry İstanbul Production PMI recorded in April as 49.2 level become 47.4 in May. PMI indicated that the operating conditions of Istanbul manufacturing industry became even more difficult. The survey participants named the demand and market conditions as the main reasons of this. While the latest survey data indicates a slowdown in new orders, this state was also valid in export orders. The manufacturers slowed down their production operations to adapt to the developments in the demand conditions.