Confidence in economy improved

ANKARA

The economic confidence index advanced by 3 percent in October from September to 97.1, the Turkish Statistical Institute (TÜİK) has said.

Any figure above the 100-mark indicates an optimistic outlook regarding the general economic situation

The headline confidence index was unchanged on a monthly basis in September.

Both consumer and business confidence improved this month.

Consumer confidence, which only inched up 0.3 percent month-on-month in September, soared 5.3 percent to 76.2. The real sector confidence index showed a 1.8 percent increase to 102 in October after registering a 1.2 percent month-on-month drop last month.

TÜİK also reported that the monthly increase in the confidence index in the services sector eased from 1.7 percent in September to 0.9 percent in October.

In the retail industry, business morale continued to improve, with the index rising 3 percent month-on-month in October after increasing 2.7 percent last month.

The confidence index for the construction sector was up 2.8 percent, which followed the 2.1 percent monthly increase in the previous month.