Economic confidence in Turkey rises 9 pct in November

ANKARA – Anadolu Agency

Confidence in Turkey's economy surged 9.1 percent in November, the nation's statistical authority announced on Nov. 29.

The Turkish Statistical Institute (TÜİK) said the economic confidence index hit 73.7 this month, up from 67.5 in October.

"This increase in the economic confidence index stemmed from increases in the consumer, real sector, services, and retail trade confidence indices," the institute said.

In November, the consumer confidence index rose to 59.6 from 57.3 last month, and the real sector – manufacturing industry - confidence index rose to 96.8, up from 91.1.

On a monthly basis, the services and retail trade confidence indices climbed 5.4 percent and 4.3 percent, respectively.

Only the construction confidence index declined in November, down 3.5 percent to 56.6.

"The economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations, and tendencies about the general economic situation," TÜİK said.

The institute stated that a total of 20 sub-indices are used in the calculation, with data collected in the first two weeks of each month.

A value above 100 shows an optimistic outlook for the general economic situation, while a value below 100, a pessimistic outlook.