Turkey: Business confidence falls to lowest level in eight months
September 24, 2012
The Real Sector Confidence Index published by the Central Bank dropped for a fifth consecutive month, falling from 104.5 points in August to 103.1 points in September, its lowest level since January. Despite the deterioration, the index remains above the 100-point threshold that separates optimistic from pessimistic territory for an eighth consecutive month. That said, at the current level, business sentiment is now 9.3 points below the levels observed in the same month last year. Although the deterioration in business confidence was broad-based, with most of the sub-categories experiencing declines over the previous month, the current total amount of orders and the amount of orders in the past three month recorded the largest losses.