Turkey’s manufacturing sector PMI hit 53.9 in June, ending a moderation period of three months. The Istanbul Chamber of Industry joint-report with IHS Markit shows June reading above 50.0 from 40.9 in May. The reading above the threshold is the first time since February, by cause of the pandemic-related restriction easing in the country. The return of near-normality enabled manufacturers to enhanced the production volumes and paces during this month. The indicators for output, employment registered and new orders are also on the rise this month compared to previous months. New orders signify growth, but new business rise from abroad was still sluggish. Higher output also requires expansions in purchasing activity and employment over the month. But this condition underlined the sharp rising of input cost as the currency has been weakened.
Andrew Harker, economics director at IHS Markit highlight that much more is needed in the coming months to recover from lost output during the pandemic peak. He hopes to see strengthening growth in months ahead.
