Going down for 2nd month in row, main reading falls below threshold level, official data shows
Turkey’s economic confidence index decreased 2% month-on-month in November, according to the country’s statistical authority on Monday.
Posting decline for the second month in a row,the main reading fell below the threshold level to 99.3 in November, the Turkish Statistical Institute (TurkStat) said.
A value above 100 indicates an optimistic outlook for the general economic situation, while a value below 100 points a pessimistic view.
This decrease in the index was driven by weaker consumer and services confidences.
The sub-index for consumer confidence dropped by 7.3% on a monthly basis to 71.1 in November, while services confidence index decreased by 0.7% to 119.4.
Construction confidence index reached 93.6 in November, up by 1.0% compared to the previous month.
This month, sub-indices for real sector (manufacturing industry) and retail trade confidences were both up 0.6% in the same period.