Thursday, May 6, 2021
Home Business Pandemic slows down Turkeys factory activity to 50.4 in April

Pandemic slows down Turkeys factory activity to 50.4 in April

DM Monitoring

Ankara: Turkey’s manufacturing activity slowed down to 50.4 in April, a monthly business survey revealed Monday.
The Purchasing Managers’ Index (PMI) for the manufacturing sector dropped by 2.2 points from 52.6 in March, according to the report by the Istanbul Chamber of Industry (ISO) prepared in collaboration with London-based global data firm IHS Markit.
“In terms of production, the last wave of COVID-19 outbreak negatively affected all 10 industries monitored in the survey, and a widespread slowdown in production was observed,” the report said.
It noted that the firms continued to expand their staffing levels, despite a slowdown in production.
The manufacturing PMI is a composite single-figure indicator, and any figure greater than 50 indicates an overall improvement of the sector, the report underlined.
“The headline PMI posted for the 11th successive month in April, (is) signaling a marginal improvement in overall business conditions,” it added.
While the slowdown in output ended a three-month sequence of growth, it was still much weaker than seen during the early part of the pandemic in April and May last year.
The report also underlined the pressure on prices due to inflation that remained elevated at the start of the second quarter. “Input costs rose sharply with firms reporting exchange rate weakness and higher raw material prices, in some cases linked to supply shortages.”
Rising input costs were often passed on to customers by way of increased selling prices, it added.
Andrew Harker, economics director at IHS Markit, said: “Output and new orders softened as customers held off on committing to projects. There were some positive signs, however, as both new export orders and employment continued to rise.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Next FY to be year of economic rehabilitation, says Hashim

Bureau Report LAHORE: Punjab Finance Minister Makhdoom Hashim Javan Bakht on Wednesday said that financial year (FY) 2021-22 would be the year of economic rehabilitation. Chairing...

Turkish Airlines post profit despite pandemic

Dm Monitoring Ankara: Turkey’s national flag carrier has become one of the first major airline companies to register a profit this year as cargo revenues...

FPCCI discusses budget proposals with FBR

FAISALABAD: Faisalabad Chamber of Commerce & Industry (FCCI) on Wednesday discussed the budget proposals presented by the FCCI for the year 2021-22 with Chaudhry...

Egyptian Court upholds seizure of vessel that blocked Suez Canal

Dm Monitoring Cairo: An Egyptian court upheld its decision to impound the massive container ship that blocked the Suez Canal, rejecting the owner’s appeal. Egyptian authorities...

Recent Comments