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Turkey's economic confidence up in August

Turkey's economic confidence up in August

Figure increases 1% from month ago to 94.3.
29.08.2022 - 17:53

Turkey's economic confidence index bounced back from a month ago in August, according to the country’s statistical authority on Monday.

The figure rose 1% month-on-month to 94.3 in August, following a 0.2% decrease in July, the Turkish Statistical Institute (TurkStat) said in a statement.

The rise in the index was a result of the decline in consumer and construction sector confidence indices, it said.

The sub-index for consumer confidence jumped 6.1% to 71.2 this month, while construction confidence index rose 1.5% to 86.3.

On the other hand, real sector – manufacturing industry – confidence index decreased by 1.1% on a monthly basis to 101.4 in August, services confidence index fell by 1.3% to 116.2, while retail trade confidence index was down 0.4% to 112.9.

A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 suggests a negative assessment.