ECONOMY

Sectoral confidence in Turkey improves in January

SECTORAL CONFIDENCE IN TURKEY IMPROVES IN JANUARY

Confidence in Turkey's services, retail trade and construction sectors improved in January compared to the previous month, the Turkish Statistical Institute (TurkStat) announced on Thursday.

The construction sector confidence index rose by 6.7 percent to 87 points in January from 81.6 in December. The surge "stemmed from the increased numbers of managers evaluating 'current overall order books' as above normal for the season and expecting an increase in 'total employment' over the next three months," TurkSat said.

The services sector index increased 6 percent to 102 in the month from 96.2 in December, according to TurkStat, as more managers saw business situation and demand (turnover) increase over the past three months along with an expected improvement in demand (turnover) compared to previous months.

The retail trade confidence index was also up 6 percent month-on-month to reach 106.2 points in January.

"This upswing in the retail trade confidence index resulted from the increased number of managers evaluating improved 'business activity-sales' over the past three months, 'current volume of stock' as below normal for the season and an expected improvement in 'business activity-sales' over the next three months," it said.

Meanwhile, consumer confidence in the Turkish economy also soared in January, TurkStat reported Tuesday.

The consumer confidence index jumped 11.1 percent in January, to 72.3, from 65.1 in December, according to the report.

Official data showed that the downward trend in consumer confidence that started in August 2017 ceased in January 2018.

Turkey's economic confidence index is set to be announced by TurkStat on Jan. 30.

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