Turkey, EU consumer confidence index increases

Turkey, EU consumer confidence index increases

The consumer confidence index in Turkey and European Union (EU) improved in February from the previous month, official data showed on Feb. 27.

Turkey’s index rose 76.7 percent in February with a 1.2 percent increase from January according to figures revealed by the state-run statistics body, TÜİK. The general economic situation index, which shows the number of people who expect the economy will be better in the next 12-month period, reached 99 percent with a 1.7 percent increase in the same period.

Concordantly, the European Commission said its Economic Sentiment Indicator for the 17-nation eurozone rose 1.6 points from January to 91.1, while the broader 27-state EU added 1.2 points to 92.
While both readings remain below the long-term average of 100, they clearly point upward after falling steadily for most of 2012.

Germany, Europe’s biggest economy, gained 2.5 points in the February survey while Spain added 1.5 points, France 1.3 points and Italy 0.3 points. However, Britain was down 0.5 points.

The commission said the improvement was driven by increases in industry and services, while consumer confidence picked up only marginally.

In the industral sector, the eurozone reading rose 2.6 points and the EU by 2.2 points on the back of a more positive outlook on production and orders. The services sector, which accounts for the bulk of economic activity, was up 2.3 points in the eurozone.