Manufacturing activities contracted recording the all-time low index value of 41.0 in April 2019 with a decline of 25.9 index points from March 2019. The decline of manufacturing PMI is mainly driven by the significant drop in New Orders and Production especially in manufacturing of food, beverages and tobacco and manufacturing of textiles, wearing apparels, leather and related activities products. This decline was mainly due to the New Year holidays in April and the security concerns that arose following the Easter Sunday attack which affected the smooth functioning of factory operations. Most respondents, especially in textile and apparel sector, highlighted that they had to restrict working hours in factories due to security concerns and were unable to achieve the desired production levels.
Employment also dropped significantly as a higher number of employees were absent after the New Year holidays. The Stock of Purchases decreased due to the decline in new orders at the end of the New Year season and brought forward stocks of raw material from previous month. Suppliers' Delivery Time lengthened at a higher rate due to increased security measures after the Easter Sunday attack.
All sub-indices excluding Suppliers' Delivery Time of PMI Manufacturing recorded values below the neutral 50.0 threshold signalling an overall contraction in manufacturing activities in April 2019 compared to March 2019.