Economic confidence skids in November
Turkey’s economic confidence index posted a decline for the second month in a row this month, according to the Turkish Statistical Institute (TÜİK).
The main reading, which was 101.4 in October, fell below the threshold level to 99.3 in November, TÜİK said yesterday.
Economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation.
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.
“This decrease in economic confidence index stemmed from the decreases in consumer and services confidence indices,” said TÜİK in a statement.
Consumer confidence index decreased by 7.3 percent to stand at 71.1, while services confidence index decreased by 0.7 percent to 119.4.
Real sector (manufacturing industry) confidence index increased by 0.6 percent to 112.
Retail trade confidence index increased by 0.6 percent to reach 121.9, and construction confidence index increased by 1.0 percent to 93.6 in November compared to the previous month.