The economic confidence index increased by 20.8 percent to 87.81 in September from the previous month, according to official data released by the Turkish Statistical Institute (TurkStat) yesterday.
The economic confidence index, which was 72.66 in August, increased by 20.8 percent to 87.81 in September showing that all sub-indices saw substantial improvements from the previous month except the consumer confidence index and the retail trade confidence index, which decreased to 74.29 and 97.99, respectively. According to the data released by the TurkStat, the increase in economic confidence index stemmed from the increase in services, real sector and construction confidence indices. The services confidence index increased to 96.23, the real sector confidence index increased to 107.1 and the construction confidence index increased to 81.99.
The economic confidence index is seen as a significant reading for the course of the economy as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting overall sentiment towards the health of the economy.