MANUFACTURING PMI SEES 10̞MONTH LOW

The Istanbul Chamber of Industry (ICI) Turkey Manufacturing PMI (Purchasing Managers Index) fell from 50.4 to 49.4 in March, as compared to February. The index remained below the threshold of 50.0 for the first time in the last 10 months. The decrease stemmed from ongoing difficult business conditions and the decline in customer demand with the pressure of the Russia-Ukraine war. Output and new orders slowed in the majority of sectors with the deterrent impact of price hikes. Supply-chain disruption and inflationary pressures remained significant. The surge in export demand was decelerated by the war, while employment slowed, falling to its lowest level in the last 22 months. Further, delivery times increased in March and the deterioration in supplier performance reached its most significant level in the last three months. Production decelerated in eight of the 10 sectors reported. Employment increased in seven of the 10 sectors.