Less confidence in retail, construction

ISTANBUL - Hürriyet Daily News

Confidence in Turkey’s services sector was up, but retail trade and construction sectors recorded lower confidence in June, according to data from the Turkish Statistical Institute (TÜİK).

Confidence in the services sector increased by 0.6 percent, while it decreased for the retail trade and construction sectors by 3.4 percent and 4.8 percent respectively over the last month, TÜİK said in its monthly report yesterday.

The confidence index read 113.8 for services, 114.1 for retail trade and 98.0 for construction in May and became 114.4, 110.2 and 93.3 respectively in June.

Sectoral confidence measured on a scale of zero to 200. Readings above 100 indicate an optimistic outlook, while figures below 200 reflect a pessimistic outlook.

“The increase in services confidence stemmed from the improvement in the business situation over the past three months and demand [turnover] over the past three months. The decrease in retail trade confidence stemmed from the deterioration in business activity [sales] over the past three months, current volume of stock and business activity [sales] over the next three months. The decrease in construction confidence stemmed from the deterioration in current overall order books and total employment over the next three months,” TÜİK said.