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Turkey's economic confidence slightly down in October

Turkey's economic confidence slightly down in October
With main reading still above threshold level, 1% fall driven by weaker consumer, real sector confidence, official data shows

By Tuba Sahin

ANKARA (AA) - After posting record highs in previous months, Turkey’s economic confidence index fell on a monthly basis in October, the country’s statistical authority said on Wednesday.

Despite a 1% drop from September, the index was still above the threshold level as it stood at 101.4 in October, the Turkish Statistical Institute (TurkStat) reported.

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

The fall in September “stemmed from the decreases in consumer and real sector (manufacturing industry) confidence indices,” according to TurkStat.

The sub-index for retail trade posted the largest monthly rise of 4.8% as it reached 121.1 in October.

It was followed by the services confidence index, which increased 2.1% to 120.3, while the confidence index for the construction sector was up 1% to 92.7, the data showed.

The consumer confidence index dropped 3.6% from September to 76.8 in October, while the sub-index for the real sector was down 1.8% to 111.3.

source: News Feed
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