Turkey: Business confidence retreats in June
June 24, 2013
In June, the Real Sector Confidence Index published by the Central Bank fell to 111.8 points, from 112.5 points in May, which had marked the highest reading seen in one year. As a result, the index returned to levels last seen in March, but it is still 3.7 points above the level observed in the same month last year. A reading above the 100-point threshold indicates an optimistic outlook for economic activity.
The deterioration in business confidence was broad-based, as all but two components that configure the index recorded losses over the previous months. The largest decreases were seen in the expected volume of output in the next three months as well as in general business conditions.
FocusEconomics Consensus Forecast panellists see fixed investment growth at 4.6% this year, which is up 0.1 percentage points from last month's estimate. In 2014, investment growth is likely to accelerate to 8.2%.