In April 2022, the seasonally and calendar adjusted SAMEKS Composite Index declined by 0.7 points compared to the previous month to 53.7.

While the services sector index, which fell by 1.8 points compared to the previous month to 53.0, played a decisive role in this loss of momentum observed in the index, the industry sector index rose by 2.1 points compared to the previous month to 54.2 and was realized at its highest level in the last 5 months.

Although input purchases in the services sector maintained their strong course in this period, a relative loss of momentum compared to the previous month was observed as business volume fell to 50.0 points. In the industry sector, on the other hand, a visible increase in production was recorded compared to the previous month together with the rise in new orders.

As a result of these developments, the seasonally and calendar adjusted SAMEKS Composite Index, realized at the level of 53.7, remained above the reference value of 50 for the 4th consecutive month, indicating that economic activity maintained its vitality in the second quarter of the year as well.

Industry Sector SAMEKS Index

The seasonally and calendar adjusted Industry Sector SAMEKS Index rose by 2.1 points in April 2022 compared to the previous month to the level of 54.2.

In this period, the rise of new orders by 2.4 points compared to the previous month to the level of 52.4 played a decisive role in the increase in momentum across the sector.

With the effect of the increase in momentum in new orders, the production sub-index, which rose by 7.7 points at once compared to the previous month, climbed to 52.8 points and presented a positive outlook.

Input purchases, on the other hand, maintained their course above the reference value in April as well with 58.3 points, despite falling by 7.6 points at once compared to the previous month.

The recording of an increase in production despite the loss of momentum in purchases caused the finished goods stock to decrease, and while the sub-index in question was realized at the level of 49.8, falling by 0.6 points compared to the previous month, the suppliers' delivery time sub-index, realized at the level of 57.7, pointed to the positive outlook of firms' goods and services procurement processes.

The increase in production observed across the sector was positively reflected in labour demand, and the employment sub-index rose by 4.2 points compared to the previous month to the level of 52.6.

Thus, the Industry Sector SAMEKS Index, which carried its course above the reference value of 50 into its 9th consecutive month, reached its highest level in the last 5 months with 54.2 points.

Services Sector SAMEKS Index

The seasonally and calendar adjusted Services Sector SAMEKS Index declined by 1.8 points in April 2022 compared to the previous month to the level of 53.0.

In this period, input purchases relating to the sector fell by 0.8 points to the level of 71.5 and, despite the relative loss of momentum, maintained their strong course in this period as well.

In parallel with the loss of momentum in input purchases, the business volume sub-index, which fell by 0.3 points compared to the previous month, declined to the level of 50.0 and presented a stagnant picture relating to the services sector.

The stagnant picture in question was also negatively reflected in labour demand, and the employment sub-index fell by 4.4 points compared to the previous month to the level of 47.7.

In April, while the finished goods stock sub-index fell by 3.4 points compared to the previous month to 44.3 points, the suppliers' delivery time sub-index was also realized at the level of 49.2 with a decline of 3.2 points, indicating that disruptions were experienced in firms' goods and services procurement processes in this period.

As a result of these developments, the Services Sector SAMEKS Index, which declined to the level of 53.0, continued its positive course above the reference value, and at the same time showed that the index's rate of increase decreased compared to the previous month.

COMMENTARY:

The SAMEKS Composite Index, which recorded an increase throughout the first quarter of the year and left this period behind with an average of 52.9 points, made a positive start to the second quarter of the year with its level of 53.7 points for April. While the Industry Sector Index, which reached its highest level in the last 5 months in this period, indicated that the wheels in manufacturing continue to turn at an accelerating pace, the Services Sector Index also maintained its course above the reference value of 50 despite having lost momentum compared to the previous month, and confirmed the positive picture of economic activity.

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