Turkey’s manufacturing PMI rises to 40.9 in May, remains in negative territory
Turkey’s manufacturing activity increased in May, but remained in negative territory, Hürriyet reported on Monday, indicating the lingering effects of the economic fallout caused by the country’s coronavirus outbreak.
Turkey’s purchasing managers’ index (PMI), an indicator of manufacturing activity, increased from 33.4 points in April to 40.9 points in May, according to a report published by the Istanbul Chamber of Industry (ISO) and a London–based global information provider, IHS Markit.
"Output and new orders slowed sharply again, albeit to lesser extents than in April, while firms scaled back employment and purchasing," the report said.
Any reading below 50 points indicates a deterioration in the industry.
"We expect a strong recovery in the last two quarters (of 2020) as the novel coronavirus measures are followed and the epidemic has subsided," said Industry and Technology Minister Mustafa Varank in a statement carried by the state-run Anadolu news agency.
Turkey’s government has introduced debt relief and cheap loans for industrialists and consumers as it sought to bring Turkey out of an economic downturn following the COVID-19 pandemic, which added to the country's already slumping economy caused a currency crisis in 2018.