January 30, 2023
Economic Confidence Index in Türkiye, January 2023
Economic confidence index realized as 99.3
Economic confidence index which was 98.1 in December 2022 increased by 1.3% in January 2023 to 99.3.
Consumer confidence index increased by 4.6% and became 79.1, real sector (manufacturing industry) confidence index increased by 1.8% and became 103.4, construction confidence index increased by 0.6% and became 93.2 in January 2023 compared to the previous month. On the other hand, services confidence index decreased by 1.7% and became 118.1, retail trade confidence index decreased by 1.0% and became 126.2 in January 2023.
Economic confidence index, confidence indices and the rate of changes, January 2023
| Index | Percentage change over the previous month (%) |
|||
|---|---|---|---|---|
| December 2022 | January 2023 | December 2022 | January 2023 | |
| Economic confidence index | 98.1(r) | 99.3 | 0.8(r) | 1.3 |
| Consumer confidence index | 75.6 | 79.1 | -1.3 | 4.6 |
| Real sector confidence index | 101.6 | 103.4 | 0.3 | 1.8 |
| Services confidence index | 120.1 | 118.1 | 1.7 | -1.7 |
| Retail trade confidence index | 127.5 | 126.2 | 4.5 | -1.0 |
| Construction confidence index | 92.6 | 93.2 | 1.2 | 0.6 |
Index values are seasonally adjusted. There is no seasonal effect in the consumer confidence index.
(r) Revised.
The next release on this subject will be on February 27, 2023.
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EXPLANATIONS
Economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation. The index is combined by means of a weighted aggregation of sub-indices of consumer confidence, seasonally adjusted real sector, services, retail trade and construction confidence indices.
In the calculation of economic confidence index, each sectoral weights are not directly applied to the five confidence indices themselves but to their normalised individual sub-indices series as equally-distributed in each sector. Within this scope, totally 20 sub-indices of confidence indices for consumer, real sector, services, retail trade and construction are used in the calculation.
Sub-indices used in the calculation of economic confidence index are calculated with data collected in the first two weeks of each month.
It indicates an optimistic outlook about the general economic situation when economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100.
Source: Turkish Statistical Institute (TurkStat)
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