Confidence in economy improves in September

ANKARA

The economic confidence index rose for the first time in September after plunging the previous three months, the Turkish Statistical Institute (TÜİK) has said.

The index fell below the 100-mark in July and stayed in that territory since then, touching 94.1 in August, its lowest level this year.

Any index value above 100 indicates optimism about the general economic situation.

The gauge of confidence, which fell by 5.2 percent in August, rose by 1.3 percent in September to 95.4.

All but one sub-index improved in September compared with August, data from TÜİK showed on Sept. 28.

Consumer confidence advanced 5.1 percent month-on-month after nosediving 15 percent in August.

The index measuring morale among businesses, which was down 0.3 percent last month, inched up 0.5 percent in September.

In the retail trade industry confidence rose by 3 percent, comparing favorably with the 0.4 month-on-month declined recorded in August.

In the construction sector confidence increased by 1 percent after deteriorating 0.7 percent.

In the services sector, however, confidence continued to worsen, with the index falling 2 percent in September, which came on top of the 1.7 percent decline in August.