Economic confidence index slips in August: Data

ANKARA

The headline economic confidence index declined but consumer morale, one of the major components of the index, improved in August, data from the Turkish Statistical Institute (TÜİK) showed on Aug. 29.

The economic confidence index was down 1.3 percent in August from July to 93.1 points, remaining below the 100 mark, which separates optimism from pessimism.

The sub-index of consumer confidence rose by 0.6 percent month-on-month after recording a steep 3.1 percent drop in July.

Business morale in the retail trade industry, which was down 1.5 percent, rose 0.8 percent, while the gauge of confidence in the construction sector increased 1.1 percent, comparing favorably with the 0.9 percent decline in July.

In the service sector, confidence continued to deteriorate, with the monthly decline in the respective index quickening from 1.1 percent to 2 percent.

The month-on-month decline in the real sector confidence index, on the other hand, slowed from 1.8 percent in July to 0.7 percent in August.

TÜİK separately reported on Aug. 29 that the services producer price index (S-PPI) increased by 4 percent monthly, after rising 5.3 percent in July.

The year-on-year increase in the headline index slowed from 77.4 percent to 61.8 percent in August.

The S-PPI for transportation and storage services was up 56.5 percent annually. It rose by 66.3 percent for accommodation and food services.

In the information and communication service sector, the S-PPI increased 65.5 percent year-on-year.