Turkish economic confidence index slides in January

Turkish economic confidence index slides in January

Turkish economic confidence index slides in January

AFP photo

Turkey’s economic confidence index tumbled 16.8 percent in January, the Turkish Statistics Institute (TÜİK) said on Jan. 28, reversing a sharp rise from last November after the ruling Justice and Development Party’s (AKP) victory in a snap election. 

The index stood at 83.88 in January, compared with 100.81 in December 2015. 

“This decrease in the economic confidence index stemmed from decreases in the services, manufacturing industry, consumer and construction confidence indices,” said TÜİK.

The services confidence index dropped by 6.6 percent to 92.53 in January. The Manufacturing sector and consumer confidence indices declined by 2.7 percent to 105.90 and 71.62, respectively, in January compared to the previous month. The construction confidence index decreased by 1.4 percent to sit at 83.91, according to the official data. 

However, the retail trade confidence index saw an increase of around 3.6 percent compared to previous month, hitting 108.76 in January.

The economic confidence index indicates an optimistic outlook about the economy when above 100 and a pessimistic one when below 100. In September it hit a low of a revised 72.6, the lowest since the data was first compiled in January 2012.