Turkey: Business confidence falls in May
June 5, 2012
The Real Sector Confidence Index published by the Central Bank fell from 116.0 points in April to 113.8 points in May. Despite the deterioration, the index remains above the 100-point threshold that separates optimistic from pessimistic territory for a fifth consecutive month. Nevertheless, at the current level, business sentiment is still 3.4 points below the levels observed in the same month last year. The decline in business confidence was broad-based, with most of the categories deteriorating over the previous month. In particular, export orders for the next three months as well as the expected level of employment for the next three months experienced the sharpest declines.