FX.co ★ Turkey Business Morale Strongest in 11 Months

Turkey’s manufacturing industry confidence index rose to 104.1 in February 2026, its highest reading since March 2025, up from 101.6 in January. Most subcomponents strengthened, led by expectations for output over the next three months, which surged to 120.4 from 111.4. Employment expectations also improved (103.5 vs 102.6), alongside more positive assessments of order books: current orders increased to 87.9 from 86.1, while expectations for orders over the next three months climbed to 103.9 from 102.1. Export order expectations firmed notably as well (115.6 vs 107.8), and stocks of finished goods inched higher (100.7 vs 100.5), indicating broadly stable inventory conditions. Sentiment toward fixed investment expenditure also picked up (108.5 vs 107.8). However, views on the general business situation softened slightly (92.5 vs 94.1), suggesting cautious optimism in the face of ongoing uncertainties.