![Sirkeci Railway Station is decorated with Turkish flags within the celebration of 100th anniversary of the Turkish Republic in Istanbul, Turkiye on October 29, 2023. [Berk Ozkan - Anadolu Agency]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2023/10/AA-20231029-32571042-32571041-100TH_ANNIVERSARY_OF_TURKISH_REPUBLIC.jpg?fit=1200%2C800&ssl=1)
Economic confidence in Turkiye jumped by 1.2 per cent month-over-month in October, official data showed Monday, Daily Sabah reports.
According to the report, the economic confidence index climbed from 95.4 to 96.5 from September to October, the Turkish Statistical Institute (TurkStat) said.
It rose 4.4 per cent for consumers, 0.9 per cent for construction, 0.5 per cent for services and 0.2 per cent for the real estate sector, while dropping 3.3 per cent for the retail sales sector, the report added.
The economic confidence index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as coronavirus measures were eased.
The index mainly reflects the trends of the consumer, seasonally adjusted real sector (manufacturing industry) and service sectors. In addition, the trends of the retail and construction sectors are also included in the calculations.
It is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about the general economic situation.
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