Turkey: Business confidence falls again in July
August 1, 2012
The Real Sector Confidence Index published by the Central Bank dropped for a third consecutive month, falling from 108.1 points in June to 107.3 in July. Despite the deterioration, the index remains above the 100-point threshold that separates optimistic from pessimistic territory for a seventh consecutive month. That said, at the current level, business sentiment is 6.9 points below the levels observed in the same month last year. The deterioration in business confidence was mainly driven by a decline in the volume of output expected for the next three months as well as the level of export orders expected for the next three months.
Author: Ricardo Aceves, Senior Economist