TODAY’S ZAMAN – Manufacturing confidence drops to two-year low

Manufacturing confidence drops to two-year lowTurkeyand#39s December manufacturing confidence index fell to 101.2 points, the lowest reading in two years and from 102.

7 points in November, data from the Central Bank of Turkey showed on Friday.The 100-point mark designates a shift from optimism to pessimismThe service confidence index inched up from 96.

8 points last month to 97.5 in December, while the retail trade confidence index rose by 19 percent, increasing from 105.

1 in November to 107.1 this month.

The construction sector confidence index also increased, going up 04 percent from 83 to 83.3 points.

Meanwhile, the Turkish manufacturing sectorand#39s capacity utilization experienced a gradual rise this month, climbing up to 74.6 percent, up from 74.

5 percent last month, when it witnessed a slight decline. It rose to 74.

4 percent from 74 percent on a seasonally adjusted basis.Deputy Prime Minister Ali Babacan and prominent members of the business world have publicly called for more focus to be put towards enriching the Turkish manufacturing sector Babacan said the construction sector is too short-term oriented and its rapid growth has made Turkish cities ugly.

He was slammed for these comments by pro-government businessman and construction tycoon Ali AIaoIlu, and was indirectly criticized by President Recep Tayyip ErdoIan himself, who earlier this month rejected the notion that the construction sector should be scaled back.

SOURCE: Today’s Zaman