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alcoholic drink is equal to the 3-day-wage of a worker with minimum wage... Nowhere in the world are the taxes on alcoholic drinks higher than Turkey,” Reuters reported the KMO as saying. Under President Recep Tayyip Erdogan tariffs on alcohol have increased steadily.
4.2.2 PPI dynamics
4.3 Industrial sectors and trade 4.3.1 PMI Production dynamics
Data for July shows Turkey's manufacturing PMI coming in below the key 50-threshold (below 50 denotes contraction) for a sixteenth straight month. The index fell to 46.7 from 47.9 a month ago, showing an ongoing weakness in economic activity, ING said on August 1. It was the lowest monthly figure seen since April, hinting at a deterioration in business conditions, as evidenced by last month's business sentiment survey, which remained close to the lows seen during the global financial crisis, it added. Softening industrial production was attributable to a further moderation in total new orders as domestic conditions remained challenging although export orders were relatively strong, the bank said. Whether this strength would continue in the period ahead was unclear, however, given the current
26 TURKEY Country Report August 2019 www.intellinews.com