Turkish economic confidence slips in November

By Dilara Zengin

ANKARA (AA) - Economic confidence in Turkey slipped monthly in November, down 3.4 percent from October, the Turkish Statistical Institute (TurkStat) said on Tuesday.

Official figures showed the economic confidence index fell to 97.9 this month, down from 101.4 in October.

All sub-indices of the economic confidence index were lower in the month, with the retail trade confidence index showing the sharpest decline, down 3.9 percent to hit 99.9 points from 104 points last month.

The consumer confidence index was the second-worst performer, slipping 3.2 percent from the previous month to 65.2 points.

The real sector confidence index and construction confidence index were both down 2.1 percent to 109.8 points and 82.4 points, respectively.

The services confidence index was the least-hit figure, down 1.4 percent from the previous month to 99.7 points.

Compared to the same month last year, Turkish economic confidence rose 2.5 percent, from 95.5 points in November 2016.

The country’s economy expanded beyond forecasts in the first quarter (5.2 percent) and second quarter (5.1 percent) of this year, according to the Turkish Statistical Institute (TurkStat).

Turkish officials, including President Recep Tayyip Erdogan, expect higher growth in the third and fourth quarters and an annual growth rate of around 7 percent in 2017.

According to TurkStat, the index indicates an optimistic outlook on the general economic situation when it is above 100, or a pessimistic outlook when it is below 100.