The Istanbul Chamber of Industry released its latest data showing a significant drop in Turkey's Manufacturing Purchasing Managers’ Index (PMI) for September 2024. The index, which stood at 47.80 in August, has declined to 44.30. This latest dip marks a concerning trend for Turkey's manufacturing sector as it continues to contract.
The PMI is a crucial indicator of the economic health of the manufacturing sector, with any reading below 50 signifying contraction. The updated figures, released on October 1, 2024, reflect growing challenges within Turkey’s manufacturing industry amidst a backdrop of global economic uncertainties and domestic issues.
Stakeholders and market analysts are closely watching these developments, as prolonged contraction could have further implications on employment, investment, and broader economic stability in Turkey. The recent downturn calls for attentive measures from both industry leaders and policymakers to mitigate further declines and stimulate growth in the months ahead.