Turkey’s economic confidence index soars in November

ANKARA

The economic confidence index jumped 26.7 points in November to 104.99 compared to the previous month after sharp drops, the Turkish Statistics Institute (TÜİK) said on Nov. 27.

The rise likely reflects a wave of optimism about political stability after the Justice and Development Party (AKP) regained single-party rule in the Nov. 1 election. The increase stemmed from rises in all confidence indices that make up the index, said TÜİK. 

The index indicates an optimistic outlook about the general economy when it is above 100 and indicates a pessimistic outlook when it is below 100.

The consumer confidence index increased by 22.9 points to 77.15 in November, compared to the previous month. The real sector confidence index rose by 6.4 points to 110.30. The retail trade confidence index increased by 5.9 points to 105.29. The construction and services confidence indices increased by 5 points and 1.9 points respectively, to 84.29 and 100.04, according to the TÜİK data. 

Turkey’s economic confidence index took a record plunge in September amid political uncertainty and escalating violence.

The index tumbled to 70.89 points in September from a revised 85.1 points in August, marking both the largest monthly drop and the lowest level since the statistics institute began compiling the data in January 2012.