Turkey: Economic confidence rises in December

By Tuba Sahin

ANKARA (AA) - The economic confidence index in Turkey was higher month-on-month in December, an official data revealed on Friday.

December's figure was up 2 percent to reach 75.2 compared to last month, the Turkish Statistical Institute said in a statement.

This month-on-month increase was driven by improvements in the retail trade, services and real sector confidence indices.

Retail trade confidence index registered a rise of 6.3 percent. Services and real sector confidence indices followed it with 2.2 percent and 0.9 percent advances, respectively.

The sub-index tracking consumer confidence declined by 2.3 percent on a monthly basis to total 58.2 in December.

The construction confidence index dropped by 2.1 percent during the same period.

The economic confidence index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of health of the economy.