Economic Confidence Index Reached 7-Month High in October

Increase in Trust in the Turkish Economy

Turkey Statistics Institute (TÜİK) has released the economic confidence index data for October. According to the data, the index rose from 98 in September to 98.2 in October, marking a 0.3% increase.

Sectoral Confidence Indices Reviewed

The economic confidence index can take values between 0-200. When examining the data of this index, the consumer confidence index showed a decrease of 0.3% in October, falling to 83.6. On the other hand, the real sector (manufacturing industry) confidence index reached 102.0 with a 1.2% increase.

Additionally, the services sector confidence index fell by 0.3% to 110.7, while the retail trade sector confidence index increased by 3.7% to 113.2. The construction sector confidence index, however, remained at 83.7 with a decrease of 5.3%.

Importance of the Economic Confidence Index

The economic confidence index indicates optimism about the general economic situation when it is above 100, and pessimism when it is below 100. Therefore, the increase in figures for October presents a hopeful picture for the markets.