By Tuba Sahin
ANKARA (AA) – Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector stood at 42.7 points in September due to a slowdown both in new orders and output, according to a closely-watched business survey on Monday.
An Istanbul Chamber of Industry PMI Manufacturing Index report conducted in cooperation with IHS Markit showed a 3.7-point month-on-month decrease in September pointing to a further easing of business conditions in the sector.
"Both output and new orders continued to slow, with companies scaling back employment and purchasing activity accordingly," the report read.
It said inflationary pressures remained substantial, reflecting a weaker Lira.
"Lira weakness again contributed to inflationary pressures, while difficulties in sourcing materials were reported," the report said.
A reading greater than 50 indicates the sector is growing, while a reading below 50 signals a contraction.