The statistics institute TUIK on February 26 released the economic confidence index, a monthly composite indicator, encapsulating the evaluations, expectations and tendencies of both consumers and producers on general economic situation.
Accordingly, the economic confidence index fell 2.6% m/m in February, after declining 0.5% m/m in the previous month, TUIK said, adding that the decline in the index stemmed from the decreases in manufacturing industry (real sector) and retail trade confidence indices. The consumer confidence sub-index was up 0.5%, manufacturing index dropped 2.1%, retail sector confidence fell 0.8% and construction index rose 2.9% while the services sector confidence declined 0.8% m/m.
Turkey’s GDP growth eased to 1.7% y/y in the third quarter of 2014 from 2.2% in the second quarter and 4.8% in the first. The government’s GDP growth forecasts for 2014 and 2015 stand at 3.3% and 4%, respectively.
| Turkey's Confidence Indices | ||||
| Index Value | m/m, % | |||
| Dec | Jan | Feb | Feb | |
| Economic | 89.81 | 89.38 | 87.07 | -2.6 |
| Consumer | 67.75 | 67.71 | 68.06 | 0.5 |
| Real Sector | 108.20 | 106.50 | 104.30 | -2.1 |
| Services | 98.98 | 101.04 | 101.94 | 0.9 |
| Retail | 107.25 | 104.35 | 103.53 | -0.8 |
| Construction | 83.43 | 82.56 | 84.98 | 2.9 |
| source: tuik | ||||
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