ANKARA (dpa-AFX) - The manufacturing activity in Turkey deteriorated at the fastest pace in four months in October, survey results from S&P Global showed on Monday.
The Istanbul Chamber of Industry Turkey Manufacturing Purchasing Managers' Index dropped to 47.3 in October from 47.9 in September. Any reading below 50.0 indicates contraction in the sector.
Among components, there were sharp declines in both output and new orders, with the latter falling at the quickest pace in three months. Consequently, employment continued to ease, though marginally.
On the price front, input price inflation remained sharp amid higher oil prices, rising raw material costs, and unfavorable exchange rate movements. Nonetheless, the rate of inflation eased since September, and selling prices also increased markedly.
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