The July expectancy survey for the Istanbul market conducted by the Istanbul Chamber of Commerce (ITO) showed the confidence index dropped a few points in July month-on-month.

The decline in confidence was due to the deepening economic crisis in the Eurozone --Turkey's largest export market-- as well as the uncertainty regarding foreign demand.

The survey which covers six major industries, showed that market confidence index was above 100 points in textiles and tourism and a little below 100 in other sectors.

The index ranges on a scale from 0 to 200 points and it is an indicator of an optimistic outlook when above 100 and a pessimistic outlook below 100.

The prospects for demand and business in the next six months dropped to 94.43 in July from 100.59 in April. Optimism prevailed only in textile and tourism sectors while other sectors were below the optimism threshold as prospects for new business and demand in the next six months fell.

The index for expectations of rise in the working capital continued to climb and reached 139.89 which indicates rise in investments in the future for the Turkish economy which is in recovery track as the impact of the crisis diminishes.
 

AA