Turkey Business Confidence July 2020

Turkey

Turkey: Business confidence turns optimistic in July

July 27, 2020

Business confidence rose to 100.7 in July from June’s 92.6. July’s reading is the highest in five months, and marks the third consecutive month of improved readings, after business confidence slumped to a multi-decade low in April due to the coronavirus pandemic. Moreover, the index breaks the 100-threshold, signaling a return to an optimistic outlook regarding economic activity. This likely comes on the back of a gradual easing of restrictive measures, particularly in Turkey itself and neighboring EU.

July's rise was driven by improved sentiment across both present-day and forward-looking subcomponents. In terms of present-day subcomponents, businesses became more confident about overall order books, export order books and stocks of finished goods. Meanwhile, sentiment regarding all forward-looking subcomponents improved.

FocusEconomics Consensus Forecast panelists expect fixed investment to contract 7.0% in 2020, which is up 1.5 percentage points from last month’s forecast, and to expand 5.4% in 2021.


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Turkey Business Confidence July 20 20

Note: Real Sector Confidence Index. Values above 100 indicate an optimistic outlook while values below 100 indicate a pessimistic outlook.
Source: Central Bank of the Republic of Turkey (CBRT).


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