Turkish industrial confidence rises to highest level in almost 3 years

Business confidence among Turkey’s industrialists climbed to the highest level since May 2018, according to a monthly survey published by the central bank.

Confidence climbed to 109.3 points this month from 107 points in January, the central bank said on Monday. Any reading above 100 points reflects optimism.

The improvement was led by anticipated increases in the volume of output and export orders over the next three months, the survey showed. Companies also saw growth in employment, the bank said.

Fixed income expenditure rose to the highest level since March 2018, according to the survey.

A separate monthly survey by the Turkish Statistical Institute showed a decline in confidence in the service and construction industries during February. Sentiment in services fell to 100.4 points from 101.9 points in January. Construction sector confidence dropped to 83.1 points from 84.2 points.

Sentiment in the retail industry improved to 108.9 points in February from 108.5 points in January.