Trust in the Economy in Turkey Reaches a 5-Month High
The Turkish Statistical Institute has announced the economic confidence index for October. The economic confidence index, which was 95 in September, increased by 3.2% in October, reaching a level of 98.
The economic confidence index serves as a tool to measure whether the overall economic situation is perceived as optimistic or pessimistic, and it can range from 0 to 200. A value above 100 indicates economic optimism, while a value below 100 signifies economic pessimism.
Rising Consumer Confidence
In October, the consumer confidence index rose by 3% compared to the previous month, reaching a value of 80.6. The increase in consumers' confidence regarding their economic situation has drawn attention.
The consumer confidence index reflects individuals' assessments of economic conditions and their expectations for the future. This increase in October indicates that consumers have a slightly more positive outlook on the economic future.
Increase in Real Sector and Services Sector
In October, the real sector (manufacturing industry) confidence index increased by 3.0%, rising to 102.2, while the services sector confidence index also grew by 1.5%, reaching a level of 114.2. These increases highlight the dynamism in economic activities.
The increases in confidence in the real sector and services sector reflect the positive expectations of businesses operating in these areas regarding the economy. These developments indicate that economic confidence remains high on a sectoral basis.
Retail Sector Stagnant, Construction Sector Declined
In the retail trade sector, the confidence index rose by 0.1% in October, reaching a value of 110.7, while the construction sector confidence index fell by 1.7%, declining to 86.3. While the retail sector showed a stable trend, there was a loss of confidence in the construction sector.
The slight increase in the retail sector suggests a cautious approach has been adopted in the industry. The decline in the construction sector reveals that uncertainties in this area persist.