TurkStat-Economic confidence index fell by 44.1 pct. in April

Economic confidence index fell by 44.1 percent to 51.3 in April, down from 91.8 in March, according to the Economic Confidence Index data, released by the Turkish Statistical Institute (TurkStat) on Wednesday.

"This decrease in economic confidence index stemmed from the decreases in consumer, real sector (manufacturing industry), services, retail trade and construction confidence indices" read the TurkStat statement on the data.

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.Consumer confidence index decreased by 5.8 percent and became 54.9, real sector confidence index decreased by 36.8 percent and became 62.3, services confidence index decreased by 50.1 percent and became 46.1, retail trade confidence index decreased by 26.0 percent and became 75.2, construction confidence index decreased by 42.2 percent and became 44.7 in April compared to the previous month.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.In the calculation of the 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.