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4.3 Industrial sectors and trade 4.3.1 PMI Production dynamics
According to the latest PMI survey data from Istanbul Chamber of Industry and IHS Markit, business conditions in the Turkish manufacturing sector moderated to the least extent in almost a year during June. New export orders returned to growth, helping lead to a much weaker slowdown in total new business.
4.3.2 Corporate profits dynamics
Financing expenses of Turkey Fortune 500 companies soar 126% last year. Financing expenses of Fortune magazine’s top 500 Turkish companies soared 126% to TRY139.2bn ($28.9bn) last year. Reflecting the impact of the troubles the local economy is facing, combined net profit of the country’s top 500 countries declined by 16.6% in 2018 from 2017 to TRY54bn. Total net sales of the 500 companies in the list rose by 31.84% to TRY1.59 trillion year- on-year in 2018, state-run news service Anadolu reported, citing the Fortune magazine. The 500 companies’ exports increased by 19% to $93.5bn while exports’ share in their total sales reached climbed to 28.33% in 2018 from 23.78% in 2017. Refiner TUPRAS topped Fortune magazine’s top 500 Turkish companies. TUPRAS revenues soared 64% y/y to TRY88.5bn last year. Energy Exchange Istanbul (EXIST) ranked second TRY63.8bn net sales, which increased 55% from 2017. The flag carrier Turkish Airlines ranked third with net sales of TRY62.8bn up by 58% compared to 2017. Among 500 companies, 271 firms were active in the manufacturing sector, 118 in commerce, 85 in services and 26 in construction. Total employment of these
28 TURKEY Country Report July 2019 www.intellinews.com