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Turkey

Turkish retail, construction industry confidence rises

Any reading below 100 reflects pessimism about the future.

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Seasonally adjusted retail industry confidence rose to 93.2 from 89.9, the Turkish Statistical Institute said on its website on Monday. Confidence in the services sector climbed to 85.4 from 79.4 and in construction to 50.4 from 49.8.

Any reading below 100 reflects pessimism about the future.

Turkish companies are finding it more difficult to sell products and services after the lira slid against the dollar. The currency has fallen almost 10 percent this year, pressuring economic activity and inflation, after dropping 28 percent in 2018. Interest rates have surged and imported goods and materials have become more expensive.

Treasury and Finance Minister Berat Albayrak is saying that the worst of Turkey’s economic downturn is over. However, some economists, pointing to recent slew of economic data, are predicting a double-dip recession despite the economy returning to growth in the first quarter. It contracted in the second half of last year.

Source: Ahval

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