The central bank data shows business confidence among Turkey’s industrialists rose to the highest level since April 2018 reaching 111.0 points in April from 110.8 points in March. It comes from the bottom at 66.8 points in April 2020 when Turkey was facing the first wave of the COVID-19 pandemic.
The improvement was led by the number of orders over the past three months and fixed investment expenditure, the survey showed. But the expectation for the volume of output and exports orders worsened.
Seasonally adjusted industrial confidence declined to 107.4 points in April from 110.2 points in March, the central bank said. It had stood at 62.3 points a year ago.
Capacity Utilization also higher
Turkish manufacturing industry’s capacity utilization rate increased to 75.9% up 1.2 percentage points from last month according to Central Bank data.
On the main industrial groups’ side, the highest capacity utilization rate was 78.8% for intermediate goods, while the lowest capacity usage was 71.6% for non-durable consumer goods.