The Turkish Business Confidence numbers for January 2024 were released on Thursday morning, clocking in at 100.9 this month, above the one-year low of 99.1 seen in December. This was mainly due to finished goods stocks rising from 95.2 in the previous month, to 95.3 in January. Total orders also inched up to 85.1 from 83.8, reports Euronews. On the other hand, the seasonally adjusted data revealed a 0.5% drop M/M, but remained in the optimistic quadrant (see below)
Employment expectations for the next three months were still gloomy, sliding to 107.2, from 108.8. The gauge for general business situation also slipped to 90.4 from 93.5 in December, probably highlighting the demand weakness in Europe, Turkey’s largest trading partner.
Furthermore, production expectations for the next three months are also looking up, coming in at 108.6, a step up from December’s 102.5. Inflation expectations for the next year cooled, down to 55 from 58.8.
Turkstat released reams of data on Thursday, the summary of is provided by Yatirim Finans research brief
While Service and Construction Sector Confidence Indices recovered in January; Manufacturing CUR, Real Sector, and Retail-Trade Sector Confidence Index decreased, wrote Yatirim Finans
- Seasonally adjusted (MA) Manufacturing Industry Capacity Utilization Rate (CUR) decreased by 0.9 points on a monthly basis to 76.4% (Previous: -0.2 points, 77.3%).
- MA Real Sector Confidence Index (RKGE) decreased by 0.5% on a monthly basis to 102.9 (Previous: -0.5%, 103.4).
- Sectoral Confidence Indices
o Service Sector Confidence Index increased by 4.0% on a monthly basis to 116.8 (Previous: +1.2%, 112.3).
o Retail Trade Sector Confidence Index decreased by 1.0% to 115.6 (Previous: +4.5%, 116.8).
o Construction Sector Confidence Index increased by 3.3% on a monthly basis to 90.9 (Previous: -3.3%, 88.0).
To note, a score above 100 indicates an optimistic outlook to the economic activities while below 100 points to a pessimistic outlook.
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