Confidence in economy continues to rise

ANKARA

Confidence in the Turkish economy increased for a second month in a row, the data from the Turkish Statistical Institute (TÜİK) have shown.

The economic confidence index increased by 3.1 percent month-on-month in January after advancing a revised 1.1 percent in December 2023, TÜİK said on Jan. 30.

Any index figure above 100 indicates an optimistic outlook about the general economic situation.

The consumer confidence index, which increased 2.6 percent last month, rose by 3.9 percent to 80.4 in January, the authority’s regular survey showed.

Sentiment among businesses, however, deteriorated once again. As was the case in December, the real sector confidence index was down 0.5 percent to 102.9.

The monthly increase in the services sector confidence index accelerated from 1.2 percent to 4 percent to 116.8.

The mood in the retail industry reserved course in January, showed the data. The confidence index in retail declined 1 percent in January after rising 4.5 percent in the previous month.

The gauge of confidence in the construction sector rose 3.3 percent, which compared favorably with the 3.3 percent decline recorded in December.