Turkey’s economic confidence index down 2.6% m/m in February

By bne IntelliNews February 26, 2015

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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