Turkey: Business confidence rises further in July
Turkish business confidence rose from an over seven-year high of 113.0 in June to an over 14-year high of 114.8 in July, likely boosted by the further reopening of the economy at the start of the month. Consequently, the index moved further north of the neutral 100-theshold that separates optimism from pessimism.
The uptick came on the back of rosier employment and export orders expectations in the next three months, while views on production in the coming three months remained optimistic despite softening slightly. Furthermore, firms’ assessment of the general business situation improved in the month and companies expected to increase capital expenditure in the year ahead. On the other hand, attitudes towards order books and stocks of finished goods at present remained downbeat and weighed on the headline reading.