CHASING MANAGERS’ INDEX
Factory dip shows Turkey headed for recession
Economists said that this was among the clearest signs yet that Turkey was headed for a deep recession
Istanbul/Ankara -Turkish manufacturing activity slid to its lowest level in nine years in September, a business survey showed on Monday. Economists said that this was among the clearest signs yet that Turkey was headed for a deep recession after months of currency turmoil. Further underscoring the pain for consumers and businesses, authorities hiked electricity and natural gas prices for the third month running, sources said, as the lira’s sell-off drives up the cost of everything from food to fuel.
The currency has lost 37% of its value against the dollar so far this year, hit by concern about President Tayyip Erdogan’s control over monetary policy and a diplomatic rift with the US. The crisis has reverberated across global markets and deepened concern about the outlook for Turkey’s banks and factories. The purchasing managers’ index (PMI) fell to its lowest level since March 2009, the survey by IHS Markit and the Istanbul Chamber of Industry showed. The decline was driven by...
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