Economic confidence higher in July
Economic confidence in Turkey improved in July, rising 2 percent, the Turkish Statistical Institute (TÜİK) reported on July 30.
The index surged to 92.2 this month, up from 90.4 in June, TÜİK said in a statement, attributing the improvement to a rise in consumer, retail trade, construction and services sector confidence indices.
“Consumer, services, retail trade and construction confidence indices increased to 73.1, 91.9, 97.3 and 77.1 in July, respectively,” TÜİK said.
However, the sub-index tracking real sector confidence fell month-on-month 1 percent during the month to 101.5.
The index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of health of the economy.
It indicates an optimistic outlook about the general economic situation when economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100.
The index regressed to the lowest since January 2017 in June, by a 3.3 percent month-on-month decline, dropping to 90.4, down from 93.5 in May.