Real Sector Confidence indices: Mixed signs

CBT's real sector confidence index was in positive territory again after more than a year:

But when you look at the sub-indices, some interesting patterns emerge:

While the current conditions indices continue to improve, albeit at a slower pace, the future conditions indices have been worsened.

Overall, these figures are consistent with the Turkish recovery story I have alluded to many times in my Hurriyet columns: The tax measures led to a sharp recovery associated with the destocking process going on. Now that this process has come to an end, further real sector improvement are likely to come at a snail pace.