Turkey’s Economic Confidence Index Highest in 5 Years

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
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Turkey’s Economic Confidence Index Highest in 5 Years

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters

Turkey's economic confidence index increased by 2.5 percent to 106 points in August, its highest level since July 2012, the Turkish Statistical Institute (TurkStat) said this week.

The institute noted that monthly hikes in real, services, retail trade and construction sector confidence indexes maintained the rise in economic confidence.

Among all indexes, the construction confidence index rose the most, by 3.3 percent, to 88.3 points. While the index measuring confidence in the services sector was up 1.6 percent, reaching 105.4 points, TurkStat said.
The retail industry confidence index gained 1.1 percent, reaching 108.5 points, it added.

Meanwhile, a recent analysis by Deloitte, one of the world's largest professional services companies, said Turkey's automotive sector will continue to be the country's export champion in 2017.

The report said exports increased by 28.5 percent compared to the same period of last year as sales hit 714,000 automobiles. Meanwhile, the total export value also increased by 22.1 percent, hitting $14.5 billion.

It estimated that export income from the automotive sector this year would be around $26.5 billion.

But automobile sales in the Turkish automotive market in the first six months of this year declined by 9.6 percent compared to the same period of 2016, reaching 306,000 automobiles.

During the same period, 95,000 light commercial vehicles were sold, a 5 percent drop compared to the first six months of 2016.

As for the heavy commercial vehicle market, sales tumbled by 22.4 percent compared to the same period last year, reaching 9,500 vehicles.



Asian Markets Drop as Trump's Tariff Deadline Looms

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
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Asian Markets Drop as Trump's Tariff Deadline Looms

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)

Most Asian markets fell Monday as countries fought to hammer out trade deals days before Donald Trump's tariff deadline, though investors took heart after he said the levies would not kick in until the start of next month.

While the White House has said several deals were in the pipeline, only two have been finalized ahead of the July 9 cut-off set by the US president, AFP said.

Governments from major trading partners including Japan, India, the European Union and South Korea have fought for the past three months to get agreements.

But Trump said he will send his first tariff letters at 1600 GMT Monday, setting out what Washington will charge for doing business with the United States.

He said an extra 10 percent would be added to any country "aligning themselves with the Anti-American policies of BRICS", an 11-member alliance including Brazil, Russia, India and China.

The announcement came after leaders of the group warned Trump's "indiscriminate" import tariffs risked hurting the global economy.

The deadline for a deal is Wednesday, but Treasury Secretary Scott Bessent confirmed on Sunday that the measures would not be applied until August 1.

"It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," Bessent told CNN.

He said the rates will then "boomerang back" to the sometimes very high levels Trump announced on April 2, before the president suspended the levies to allow for trade talks.

"I would expect to see several big announcements over the next couple of days," Bessent said.

The president told reporters Sunday on Air Force One that "I think we'll have most countries done by July 9, either a letter or a deal", adding that some deals have already been made.

Tariff uncertainty weighed on equity markets, with Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Taipei all down, though there were small gains in Singapore, Seoul, Manila and Jakarta.

Wall Street was closed Friday for a holiday.

"Whether deadlines get extended remains uncertain given Trump's unpredictable style," said IG market analyst Fabien Yip. "Our base case expects several important trade partners to agree on a high-level basis before the deadline.

"This would provide more time for detailed discussions over the following two months. The other risk factor is sector-specific tariffs covering semiconductors, pharmaceuticals, and materials may also be announced in due course."

Oil prices sank after major producers in the OPEC+ alliance said they would boost output far more than expected in August, fueling demand worries just as Trump's tariffs are about to begin.

The group said "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" led to the decision to further hike output.