Turkey’s manufacturing confidence slipped slightly to 100.2 in July 2025 from 100.3 in the previous month, marking the lowest level since January. The marginal decline reflects deteriorating sentiment toward recent order volumes, alongside lingering inventory concerns. The downturn was primarily driven by pessimistic sentiment regarding the total amount of orders over the past three months (96.0 vs 100.6 in June), a further decline in confidence in the current total amount of orders (80.9 vs 83.3), and a modest deterioration in sentiment regarding the current amount of stocks of finished goods (98.7 vs 98.8). In contrast, confidence strengthened for the volume of output over the next three months (119.2 vs 114.3), fixed investment expenditure (106.0 vs 105.1), the general business situation (86.3 vs 85.4), and expectations for exports (112.7 vs 112.5).