Economic morale in Turkey up in February

ANKARA

Turkey’s economic morale index increased 0.5 percent in October, according to a statement by the Turkish Statistical Institute (TÜİK) on Feb. 27.

“Economic confidence index, which was 97.1 in January, increased by 0.5 percent in February to 97.5,” TÜİK said.

“This increase in economic confidence index stemmed from the increases in real sector [manufacturing industry] and services confidence indices,” it added.

Real sector confidence index increased by 0.3 percent to 106.7, while the services confidence index increased by 3.4 percent to 98.5 in February monthly, according to the statement.

On the other hand, the consumer confidence index decreased by 2.7 percent to 57.3, the retail trade confidence index decreased by 2 percent to102.9, and the construction confidence index decreased by 5.7 percent to 74.5 in February.

Economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation. The index is combined by means of a weighted aggregation of sub-indices of seasonally adjusted consumer confidence, real sector, services, retail trade and construction confidence indices.

It indicates an optimistic outlook about the general economic situation when economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100.