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Business conditions in Turkey’s manufacturing sector improved in May

Business conditions in Turkey’s manufacturing sector improved in May

ANKARA: Business conditions in Turkey’s manufacturing sector improved last month, with HSBC’s Purchasing Managers’ Index (PMI) breaking above the no-change mark of 50 for the first time since December, the survey showed.

The PMI for manufacturing, which accounts for about a quarter of Turkey’s gross domestic product, rose to 50.2 in May from 48.5 in April as firms’ purchasing activity increased.

Factory output fell for a fifth successive month but edged close to the 50 mark. New export orders contracted again, affected by weak demand, the lira’s exchange rate and regional instability but by much less than in April or any other month this year.