FX.co ★ Turkish Business Morale Holds at 5-Month High

In November 2025, the confidence index for Turkey’s manufacturing sector remained stable at 100.8, matching the five-month high observed in October. This steady performance was underpinned by an improved outlook in several areas: the total order volume increased from 84.0 in October to 88.2, the assessment of orders over the past three months rose from 101.4 to 104.6, export orders saw a slight increase from 110.3 to 111.5, and the employment outlook showed a marginal rise from 99.6 to 99.7. However, these positive trends were balanced by a decline in sentiment regarding the current stock of finished goods, which fell from 101.2 to 96.8, as well as a dip in perceptions of the general business situation, which decreased from 92.4 to 91.0. Additionally, there was a slight setback in fixed investment expenditure, which dropped from 107.5 to 106.5, and in the volume of output, which went from 110.1 down to 108.0.