Turkish factories sustained a rebound in activity last month, fueled by improving customer demand, according to a report released . U.S.-based financial services company S&P Global said that the country’s manufacturing purchasing managers’ index (PMI) by the Istanbul Chamber of Industry was unchanged at 51.5 in May, above the 50 no-change threshold level for the fifth consecutive month. New orders increased solidly for the third month running, resulting in boosted manufacturer production volumes. Staffing levels were also raised for the first time in three months thanks to the rise in new orders.
There were further signs of easing inflationary pressures, though input costs and selling prices continued to climb amid reports of currency weakness pushing up prices, read the report. “The gradual recovery of the Turkish manufacturing sector, both from February’s earthquakea and the lingering disruption caused by the COVID-19 pandemic, remained on track in May,” said Andrew Harker, S&P Global’s economics director. Over 50,000 people were killed when magnitude 7.7 and 7.6 earthquakes struck southern and southeastern Türkiye on Feb. 6.