ISTANBUL — The coronavirus pandemic continues to take a heavy toll on global economies and Turkey is no exception. To date, the nation has recorded 127,659 confirmed cases of COVID-19 and 3,461 virus-linked deaths. Turkish leaders continue working to stem the spread of the disease with mixed success, as its domestic economic impacts materialize in the latest financial data.

A gauge on manufacturing output in April fell to its lowest point since the 2008 financial crisis, posing employment challenges for the sector, according to a report published Monday by Istanbul Chamber of Industry and IHS Markit.

The Purchasing Managers Index, a composite figure of manufacturing performance, dropped from 48.1 in March to 33.4 last month as a devalued Turkish lira increased input costs for companies, with repercussions for new orders and staffing.

The news comes after Turkey’s Central Bank lowered its 2020 inflation forecast Thursday to 7.4%, down from 8.2% in January, though April figures released today indicate inflation slowed slightly less than expected. While Turkish regulators have highlighted a record slump in oil prices as a key deflationary trend, rising food prices put upward pressure on overall inflation in the country.