Turkey: Business confidence improves in May amid easing of lockdown measures
Sentiment among Turkish businesses rose to 76.9 in May from April’s over one-decade low of 66.8. The uptick in May was underpinned by rosier views on business conditions in the next three months; as such, confidence was influenced by thegradual lifting of restrictive measures in May.
Firms were less pessimistic on expected output, employment and export orders in the next three months, while their views on the current stock of finished goods improved slightly. Moreover, businesses were also less downbeat regarding fixed investment expenditure. On the other hand, views on current order books and the amount of orders over the last three months soured.
Business sentiment is likely to pick up further going forward as the government announced further easing of restrictive measures towards the end of May and the country gradually returns to a new normal.