Türkiye's economic confidence index falls 3.9% in October

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's economic confidence index fell 3.9% month-on-month to 97.3 in October, official data showed on Friday.

The drop pushed the index below the 100-point threshold, down from 101.3 in September, according to the Turkish Statistical Institute.

A reading above 100 indicates an optimistic economic outlook, while a reading below 100 reflects pessimism.

The decline was driven primarily by a sharp drop in consumer confidence, which sank 7.7% from the previous month to 84.8 in October.

Confidence in the real sector, representing the manufacturing industry, decreased 1.4% month-on-month to 101.1.

The services confidence index fell 2.4% from September to 109.2.

In contrast, the retail trade confidence index rose 1.1% on a monthly basis to reach 112.5.

The construction sector confidence index edged up 0.4% month-on-month to 83.3.

Gökhan Ergöçün