Manufacturing activity fell slightly in June on persistently weak external demand
Manufacturing Purchasing Managers’ Index (PMI) fell to a five-month low in June (47.7; May: 47.8)
- Remained in contraction (below the neutral level: 50.0) for the tenth consecutive month or since September 2022. The weakness in the manufacturing industry is mainly due to subdued demand conditions that led to low output, in line with the downtrend in external trade.
Weak demand conditions led to a further slowdown in output production
- New orders moderated for the tenth straight month and the steepest slowdown since January due to muted demand and weak client confidence.
- Similarly, new export orders fell further and at the steepest rate in four months.
- Consequently, output levels fell for the tenth straight month and at the steepest pace since January 2023.
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