Turkey: Business confidence hits 10-month high in March
March 22, 2013
The Real Sector Confidence Index published by the Central Bank rose from 107.5 points in February to 112.9 points in March, which represents its highest level since May 2012. The index now sits 0.8 points below the level observed in the same month last year but comfortably above the 100-point threshold that separates optimistic from pessimistic territory.
The improvement in business confidence was broad-based, with all the sub-indices recording better readings over the previous months. The largest gains were seen in the expected volume of output for the next three months as well as in export orders for the next three months. Moreover, the gauge measuring the current amount of orders also recorded a substantial increase.
FocusEconomics Consensus Forecast panellists see fixed investment growth at 5.4% this year, which is down 0.1 percentage points from last month's estimate. In 2014, investment growth is likely to accelerate to 8.3%.