Turkey's economic confidence rises 9.1 percent in November: TurkStat

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Economic confidence in Turkey has gone up in November for the first time since July, rising 9.1 percent, the Turkish Statistical Institute (TurkStat) on Thursday.

The economic confidence index jumped to 73.7 this month, up from 67.5 in October, TurkStat said in a statement, attributing the improvement to a rise in consumer, retail trade, construction and services sector confidence indices.

"Consumer, real sector, services and retail confidence indices increased to 59.6, 96.8, 79.8 and 90.7 in November, respectively," TurkStat said.

However, the sub-index tracking construction sector confidence fell month-on-month 3.5 percent during the month to 56.6.

The Economic Confidence Index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of health of the economy.

"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," it said.

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