Turkey: Business confidence hits 11-month high in April
April 24, 2017
The Real Sector Confidence Index published by the Central Bank of Turkey continues to improve markedly and in March it reached 111.2. This was well above February’s 108.9 and marked the highest reading in nearly a year. As a result, the index lies further above the 100-point threshold and indicates optimism among firms.
April’s result was driven by improvements in firms’ views regarding future domestic- and export-oriented new orders as well as better expectations of unit costs and selling prices. Nonetheless, companies’ perspectives on production and employment edged down in April, suggesting that the pick-up in sentiment was far from broad-based. Responses to the survey are submitted in the first half of the month, and thus April’s data does not reflect the result of the constitutional referendum that on 16 April gave President Recep Tayyip Erdogan sweeping powers.