Turkey: Business confidence hits a nine-month low in October
October 24, 2013
The Real Sector Confidence Index published by the Central Bank fell from 108.5 points in September to 107.5 points in October, marking the lowest level since January. Despite the fall, business sentiment remains above the 100-point threshold, which indicates an optimistic outlook for economic activity.
The deterioration in business confidence was mainly due to a less positive assessment of both the expected volume of output and export orders for the next three months. On the other hand, firms' assessment of the general business situation improved markedly in October, reaching the highest level in five months.
FocusEconomics Consensus Forecast panelists see fixed investment growth at 3.3% this year, which is unchanged from last month's estimate. In 2014, investment growth is likely to accelerate to 4.8%, which is down 1.0 percentage points over the previous month's forecast.