Istanbul, Sep 29 () – The economic confidence index, which encapsulates evaluations, expectations and tendencies of consumers and producers about general economic situation, fell sharply by 16.7 percent in Sept. This sharp decline shows the lowest level in the history of the index that has been calculated since Jan 2012.
According to data released by Turkstat, the economic confidence index fell from 85.14 to 70.89 in Sept. against Aug. The fall in economic confidence index stemmed from the drops in all confidence indices, composing the index.
Economic confidence index indicates an optimistic outlook about the general economic situation when the index is above 100, on contrary it indicates a pessimistic outlook when it is below 100.
Consumer confidence index falls by 6.1 pct.Consumer confidence index dropped to 58.52, fell by 6.1 percent in September. Additionally, the retail trade sector confidence index fell by 4.6 percent to 96.27.
Real sector confidence index fell by 3.2 percent against the previous month and fell to 99.30. Meanwhile, services and construction confidence indices that fell by 2.3 percent and 2.1 percent respectively against August and dropped to 97.67 and 80.37.
The index is combined by means of a weighted aggregation of normalized sub-indices of consumer confidence, seasonally adjusted real sector (manufacturing industry), services, retail trade and construction confidence indices.
One of the composing indicators of economic confidence index, consumer confidence index is calculated from Consumer Tendency Survey results, conducted by the cooperation of TurkStat and Central Bank of the Republic of Turkey.
Accordingly, real sector confidence index is calculated by Central Bank of the Republic of Turkey and services, retail trade and construction confidence indices are calculated by TurkStat.