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Turkish manufacturers become more optimistic after near standstill: report

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Turkish manufacturers grew more optimistic and a measure of potential output rose this month as the economy continued to regain its pace after coronavirus fallout brought activity to a near standstill, Reuters reported.

Business confidence among manufacturers surged to 106.2 points in August from 100.7 a month earlier, data from the central bank showed. Scores above and below 100 reflect optimism and pessimism, respectively.

Turkey’s capacity utilization rate was 73.3 percent this month compared to 70.7 percent in July, separate data showed. The measure of potential output use hit a 10-year low of 61.6 percent in April as a partial lockdown was imposed, closing many factories and businesses.

Turkey mostly lifted the lockdown in June but, after a historic contraction in the second quarter, the economy is expected to shrink this year.

In recent months new coronavirus cases have remained mostly steady according to official data, though they rose above 1,500 on Tuesday. In-person school openings were delayed to later in September, and masks and distancing are required in public.

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