June 2 (SeeNews) - Turkey's purchasing manufacturing index (PMI) increased to 40.9 points in May from 33.4 points the previous month, the Istanbul Chamber of Industry said.
The coronavirus pandemic continued to disrupt the Turkish manufacturing sector in May, although to a lesser extent than in April, as output and new orders slowed sharply again and firms cut back employment and purchasing, the organisation said in a report prepared in cooperation with London-based data firm IHS Markit.
“The Turkish manufacturing sector continued to be buffeted by the effects of the COVID-19 pandemic in May, according to the latest PMI data, preventing a swift rebound following a sharp slowdown in April. Rates of moderation softened, however, suggesting that the sector is on the road to recovery", Andrew Harker, economics director at IHS Markit, noted in the report.
The Istanbul Chamber of Industry Turkey Manufacturing PMI is an indicator of manufacturing performance derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. Any figure greater than 50.0 indicates an overall improvement of the sector.