Turkey: Business confidence enters pessimistic territory for first time in two years
December 26, 2011
The Real Sector Confidence Index published by the Central Bank dropped from 102.3 points in November to 97.2 points in December, its lowest level since December 2009 and the first time in two years in which the index has fallen below the 100-point threshold that separates optimistic from pessimistic territory. The slide in business confidence suggests worsening prospects for investment growth in the coming months. The deterioration in business sentiment was broad-based, with most of the categories falling over the previous month. The volume of output for the next three months, as well as the total amount of orders for the past three months, suffered the sharpest declines.