Turkey: Business confidence deteriorates in November

Business confidence fell to 97.9 in November from October's 100.3. November's result marked the lowest reading since June 2020 and pushed the index below the 100-threshold, pointing to worsening sentiment among businesses.

The downtick was driven by more pessimistic views regarding output in the next three months and order books in the past three months. Moreover, firms were more gloomy about fixed investment expenditure. On the other hand, attitudes towards current orders and the general business situation improved, albeit they remained downbeat.

FocusEconomics Consensus Forecast participants see fixed investment expanding 1.4% in 2023, which is up 0.2 percentage points from last month’s forecast, and growing 3.2% in 2024.