Turkey’s economic confidence slips around 4 pct in January

ANKARA

Turkey’s economic confidence regressed to 85.7 in January with a 3.9 percent decrease compared to the previous month, data from the Turkish Statistics Institute showed on Jan. 30. 

The decrease in the economic confidence index mainly stemmed from the decline in services, real sector, construction and retail trade confidence indices. 

Services confidence index decreased to 87.5, real sector confidence index decreased to 100.5, construction confidence index decreased to 74.8 and retail trade confidence index decreased to 95.9 in January. While consumer confidence index increased to 66.9 in January.

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

Meanwhile, the authority announced last week that it would make a revision over the confidence index. In this vein, the December data has been revised from 70.52 to 89.2, as reported by Reuters. 

“Data depth of economic confidence index serial, formerly starting at January 2012, increased through lengthened sub-indices used in the calculation of economic confidence index to 2007. In this context, economic confidence index for the January 2007 - December 2011 period was calculated for the first time and the index values published for the January 2012 - December 2016 period was revised,” TÜİK said in reference to the revision.