Turkey’s service, construction and retail trade sectors’ confidence notably progressed in July as the pandemic restriction measure was lifted, shown by the Turkish Statistical Institute (TurkStat) announcement. The service confidence index marked the steepest hike this month, increased 20.2% from the previous month to 66.7 points, signifying better business situation and demand turnover after three-months slump. The survey was conducted with a total respondent of 1,749 business in manufacturing industry.
The rise in demand turnover is expected by sector managers in the coming periods. As Turkey’s confidence index for the construction sector reached 87 in July, a hike of 11.6% from the previous month was marked. The hike was mainly driven by boosted current overall order in books sub-index. The index for the retail trade sector also increased by 9.6%, reaching 94.6 during the same period, as sector’s managers saw a significant jump in sales activity in July than a month before.
The Turkish Central Bank said that it predicted positive growth for the next three months as the economic activity strengthened. Survey conducted by the bank showed the real sector confidence index has risen by 8.1 points than last month's stance, reaching 100.7. Stronger growth also expected in employment sectors for the next three months, as the trend weakened in the next twelve months of falls in fixed capital investment expenditure.
