This increase in economic confidence index stemmed from the increases in consumer and services confidence indices, according to TurkStat.
It indicates an optimistic outlook about the general economic situation when the economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100.
The consumer confidence index increased by 4.0 percent and became 83.3, services confidence index increased by 2.9 percent and became 101.9 in January 2021 compared to the previous month. On the other hand, the real sector (manufacturing industry) confidence index decreased by 1.3 percent and became 109.0, the retail trade confidence index decreased by 0.1 percent and became 108.5, the construction confidence index decreased by 5.2 percent and became 84.2 in January 2021.
The economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations, and tendencies about the general economic situation. The index is combined by means of a weighted aggregation of sub-indices of seasonally adjusted consumer confidence, real sector, services, retail trade, and construction confidence indices.