Turkish economic confidence rises 13 pct from record lows

ANKARA

CİHAN photo

Turkey’s economic confidence index rose 13 percent in October to 81.48, recovering from a record low a month earlier, ahead of the Nov. 1 elections, data from the Turkish Statistics Institute (TÜİK) showed on Oct. 27.

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 sub-index tracking consumer confidence rose 7.3 percent in October to 62.78.

The sub-index for the real sector improved by 3.7 percent to 103.20, for retail trade confidence by 2.7 percent to 98.68 and rose to 97.63 for services.

Turkey’s economy grew by 3.8 percent in the second quarter of 2015, mainly due to a rise in domestic consumption and public spending.