Turkey's sectoral confidence recovers notably in July

ANKARA

Confidence in Turkey’s services, retail trade and construction sectors advanced considerably in July as coronavirus restrictions were eased, the Turkish Statistical Institute (TurkStat) announced Monday.

The services confidence index registered the largest improvement this month, up 20.2% from June to 66.7 points, as business situation and demand turnover got better over the past three months.

Sector managers expect a rise in the demand turnover in the coming periods.

Turkey's construction sector confidence index reached 87 in July, rising 11.6% from last month, mainly driven by increase in current overall order books sub-index.

The retail trade sector index climbed 9.6% to 94.6 during the same period, as managers in the sector saw business activity-sales jump notably from June.

Meanwhile, the Turkish Central Bank on Monday said positive growth expectations for the next three months have strengthened.

According to a survey conducted by the bank, real sector confidence index rose 8.1 points compared to the last month, and reached 100.7.

It said there is also stronger growth expectation for employment in the next three months, adding the trend of expected falls in fixed capital investment expenditure for the next twelve months weakened.

A total of 1,749 businesses operating in the manufacturing industry responded to the bank's July survey.