Türkiye's Manufacturing Purchasing Managers' Index (PMI) for June 2023 has been announced as 51.5, according to the jointly conducted survey by the Istanbul Chamber of Industry and S&P Global. This marks the sixth consecutive month that the PMI index has remained above the 50-threshold, indicating continued production growth and ongoing recovery since the earthquake.
The PMI index is above the 50-threshold in 5 out of 10 sectors, including machinery & metal products, food products, electronic & electrical equipment, chemical plastic & rubber products, and textile products.
Commenting on the report, S&P Global Market Intelligence Economics Director for Economic Indicators & Surveys Andrew Harker stated, "Manufacturing production in June showed positive momentum, and the goods-producing sector as a whole concluded the first half of the year in a broadly positive position as demand further improved. Additionally, manufacturers continued to expand their employment and purchasing activity, reflecting an optimistic sentiment for the second half of the year."
S&P Global compiles the Istanbul Chamber of Industry's Türkiye PMI index from responses to questionnaires sent to purchasing managers in a panel of approximately 800 companies across ten industries. While the questionnaire responses are not interpreted, they offer valuable insights into monthly trends and serve as a high-frequency indicator.