Turkish manufacturing confidence jumps in January

Turkish manufacturing confidence surged in January, matching an increase in consumer confidence, according to a monthly survey by the central bank.

Confidence among producers increased to 108.3 from 103.3, the biggest advance since February last year. Expectations concerning output over the next three months turned positive, rising to 110.6 from 97.7 in December. Confidence about the direction of export orders also jumped to 118.1 from 99.4, the central bank said on Thursday.

Turkey business confidence

The government is seeking to boost the economy through tax incentives and loan support for small and medium-sized enterprises. Officials said this month that the government will extend its support to industry in the form of loan guarantees by 55 billion liras ($14.7 billion) from around 250 billion liras in a scheme that started last March. The guarantees are used as collateral for lending by banks.

Consumer confidence surged in January, completely reversing a decline over the previous five months, the Turkish Statistical Institute (TurkStat) said on Jan. 23. The index jumped to 72.3 from 65.1 in December. It was at the highest level since May last year.

Any readings in the surveys that exceed 100 mean a positive outlook.

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