Economic confidence index of Turkey down in November

Going down for 2nd month in row, main reading falls below threshold level, official data shows

By Tuba Sahin

ANKARA (AA) - Turkey’s economic confidence index decreased 2% month-on-month in November, according to the country’s statistical authority on Monday.

Posting decline for the second month in a row, the main reading fell below the threshold level to 99.3 in November, the Turkish Statistical Institute (TurkStat) said.

A value above 100 indicates an optimistic outlook for the general economic situation, while a value below 100 points a pessimistic view.

This decrease in the index was driven by weaker consumer and services confidences.

The sub-index for consumer confidence dropped by 7.3% on a monthly basis to 71.1 in November, while services confidence index decreased by 0.7% to 119.4.

Construction confidence index reached 93.6 in November, up by 1.0% compared to the previous month.

This month, sub-indices for real sector (manufacturing industry) and retail trade confidences were both up 0.6% in the same period.

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