Economic confidence down in December

ANKARA

Turkey’s economic confidence index fell from 99.3 in November to 97.6 this month, the Turkish Statistical Institute (TÜİK) announced on Dec. 30.

A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 indicates a negative assessment.

“This decrease in economic confidence index stemmed from the decreases in consumer, real sector (manufacturing industry), services, retail trade and construction confidence indices,” said TÜİK.

Consumer confidence slipped 3.1 percent, followed by real sector confidence (1.7 percent), services confidence (0.5 percent), and retail trade confidence (0.4 percent).

In the calculation of economic confidence index, each sectoral weights are not directly applied to the five confidence indices themselves but to their normalised individual sub-indices series as equally-distributed in each sector. Within this scope, totally 20 sub-indices of confidence indices for consumer, real sector, services, retail trade and construction are used in the calculation.

Sub-indices used in the calculation of economic confidence index are calculated with data collected in the first two weeks of each month.