Turkey's economic confidence index drops 2% MoM in November

30 Nov '21

1 min read

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The economic confidence index of Turkey which was 101.4 in October, decreased by 2 per cent in November to 99.3, as per the Turkish Statistical Institute (TurkStat). This decrease stemmed from the decreases in consumer confidence and services confidence indices, which decreased by 7.3 per cent to 71.1 and by 0.7 per cent to 119.4, respectively.

On the other hand, real sector (manufacturing industry) confidence index increased by 0.6 per cent to 112, retail trade confidence index increased by 0.6 per cent to 121.9 and construction confidence index increased by 1 per cent to 93.6 in November compared to the previous month, according to TurkStat.

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.

Economic confidence index above 100 indicates an optimistic outlook about the general economic situation, whereas below 100 indicates a pessimistic outlook.

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