According to Turkey Manufacturing PMI data, the headline PMI, which was 45.8 in October, increased to 48.3 in November. It is observed that this indicator, which remained below the threshold value, has been realized at its mildest level since May. PLASFED Board Chairman Ömer Karadeniz, who said that the manufacturing industry has been in contraction since the beginning of the year, stated that the significant improvement signs seen in the PMI data of the Turkish manufacturing sector in November were pleasing. However, Karadeniz, who stated that the weakening in the manufacturing industry continues in general, reported that if the necessary steps are not taken, industrialists will postpone their investment plans, which will bring about a general stagnation.
Due to the continuation of difficult market conditions both globally and in our country, a downward trend has been observed in the manufacturing industry performance since the beginning of the year. Due to the consecutive decrease in manufacturing production, employment and purchasing activities are declining. The weakness in the Turkish lira and inflationary pressures are also causing an increase in input costs.
According to the ISO Turkey Manufacturing PMI survey results, which is accepted as the leading indicator of economic growth, the headline PMI, which was 45.8 in October, increased to 48.3 in November. According to the survey results, where all figures measured above the threshold value of 50 indicate improvement in the sector, the Manufacturing PMI Index for November remained low at 48.3, indicating that signals of deterioration in operating conditions continued.
Ömer Karadeniz, Chairman of the Board of Directors of the Plastics Industrialists Federation (PLASFED), said that the significant signs of improvement seen in the PMI data of the Turkish manufacturing sector in November were pleasing. However, President Karadeniz, who stated that the manufacturing industry had entered a contraction zone according to the PMI data in general, pointed out that one of the biggest reasons for the slowdown in growth was the weakening in the manufacturing industry.
Noting that factors such as tight financing conditions, geopolitical tensions and trade protectionism negatively affected the manufacturing industry, Karadeniz stated that if the necessary steps were not taken, industrialists could postpone their investment plans. Karadeniz, who stated that companies have shelved their investment and growth plans in order to protect their existing resources and minimize costs, called for an increase in support given to the industry.