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Turkish manufacturing shrinks in April

ISTANBUL, May 4, 2015

Turkish factory activity shrank for a fourth straight month in April as exports fell, although the contraction in manufacturing was not as sharp as in the previous month, a purchasing managers' survey showed on Monday.

HSBC's Turkey Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a quarter of Turkey's gross domestic product, rose to 48.5 from 48.0 in March.

It was the second-lowest reading since April 2009 and below the 50 mark that separates growth from contraction in activity.

New orders, output, and stocks of purchases all declined, the survey showed, but supplier delivery times and employment improved.

Despite the weakening lira currency, exports fell in April at the fastest rate since 2009.

"The latest PMI data signals an entrenched downturn in the Turkish manufacturing sector with output, new orders and exports all falling for the fourth consecutive month," said Trevor Balchin, a senior economist at Markit.

"Turkish goods' producers face the unenviable combination of falling demand and rising inflation."

Employment improved as manufacturers invested in new capacity on expectations of winning new contracts. - Reuters




Tags: | Turkey | manufacturing |

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