Turkey’s manufacturing PMI remains robust in July

According to data released by Istanbul Chamber of Industry and HIS Markit, Turkey’s purchasing managers index (PMI) remained robust in July, although the index declined to a reading of 53.6 from 54.7 in June. Any reading above 50 indicates expansion while any reading below 50 represents contraction.

The July data represented the second strongest reading since November 2013 on the back of stronger output, new orders as well as a healthy employment. According to the latest data, new orders rose for the fifth straight month, posting one of the fastest rates in the past six years in July.

Istanbul Chamber of Industry also reported that inflationary pressures eased further in the sector.