According to data from the Turkish Statistical Institute (TÜİK), the economic confidence index, which was 96.6 in April, showed a slight increase in May. The index remaining below 100 points to a cautious optimism in the general economic outlook.
Sub-indices showed different changes. Consumer confidence index increased by 1.1% to 84.8, while real sector (manufacturing industry) confidence index decreased by 2.2% to 98.6. Service sector confidence index increased by 0.9% to 110.5, while retail trade confidence index increased by 0.6% to 111.2. Construction confidence index, on the other hand, increased by 3.9% to 88.4.
Index values are seasonally adjusted and there is no seasonal effect in consumer confidence index. Economic confidence index can take values in the range of 0-200. An economic confidence index greater than 100 indicates optimism regarding the general economic situation, while a value less than 100 indicates pessimism regarding the general economic situation.
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