Turkey’s economic confidence index falls below 100 in November

ANKARA

Turkey’s economic confidence index fell 3.4 percent to 97.9 points in November, the Turkish Statistical Institute (TÜİK) stated on Nov. 28, signaling a further retreat from a five-year high in August.

The index indicates an optimistic economic outlook when above 100 and a pessimistic one when below 100. It was last below 100 in June, when it stood at 98.9 points.

All sub-indices of the economic confidence index were lower in November, with the retail trade confidence index showing the sharpest decline, down 3.9 percent to hit 99.9 points from 104 points in October.

The consumer confidence index was the second-worst performer, slipping 3.2 percent from the previous month to 65.2 points.

The real sector confidence index and construction confidence index were both down 2.1 percent, to 109.8 points and 82.4 points respectively.

The services confidence index was the least hit figure, down 1.4 percent from the previous month to 99.7 points.

Compared to the same month last year, Turkish economic confidence rose 2.5 percent, from 95.5 points in November 2016.