Economic confidence index of Turkey declines by 0.4 percent in February
Date
2/28/2024 7:20:30 AM
(MENAFN) The economic confidence index of Turkey experienced a slight decline in February, according to data released by the country's statistical institute on Wednesday. It stood at 99, marking a decrease of 0.4 percent compared to January. This index serves as a comprehensive measure, encompassing both consumer and producer sentiments, expectations, and assessments regarding the overall economic landscape of the nation.
Among the key components of the economic confidence index, the consumer confidence index registered a decrease of 1.3 percent from the previous month. Similarly, the confidence levels within the retail trade sector experienced a decline of 1 percent, while the real sector confidence index saw a decrease of 0.9 percent. These declines suggest a certain level of apprehension or subdued optimism among consumers and businesses regarding Turkey's economic trajectory.
In contrast, there were positive developments in certain sectors. Both the construction and services indexes recorded increases, with growth rates of 1 percent and 1.6 percent, respectively. These upticks in confidence within these sectors may reflect pockets of resilience or optimism amidst the broader economic landscape.
The economic confidence index serves as a vital barometer of the overall sentiment and outlook within Turkey's economic environment. A reading above 100 typically signals optimism, while a figure below 100 indicates a more pessimistic sentiment. As such, the February data suggests a nuanced picture of economic sentiment, with various sectors experiencing differing levels of confidence and outlooks for the future.
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