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Turkey’s Economic Confidence Index Highest in 5 Years | ASHARQ AL-AWSAT English Archive 2005 -2017
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Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters

Ankara- Turkey’s economic confidence index increased by 2.5 percent to 106 points in August, its highest level since July 2012, the Turkish Statistical Institute (TurkStat) said this week.

The institute noted that monthly hikes in real, services, retail trade and construction sector confidence indexes maintained the rise in economic confidence.

Among all indexes, the construction confidence index rose the most, by 3.3 percent, to 88.3 points. While the index measuring confidence in the services sector was up 1.6 percent, reaching 105.4 points, TurkStat said.
The retail industry confidence index gained 1.1 percent, reaching 108.5 points, it added.

Meanwhile, a recent analysis by Deloitte, one of the world’s largest professional services companies, said Turkey’s automotive sector will continue to be the country’s export champion in 2017.

The report said exports increased by 28.5 percent compared to the same period of last year as sales hit 714,000 automobiles. Meanwhile, the total export value also increased by 22.1 percent, hitting $14.5 billion.

It estimated that export income from the automotive sector this year would be around $26.5 billion.

But automobile sales in the Turkish automotive market in the first six months of this year declined by 9.6 percent compared to the same period of 2016, reaching 306,000 automobiles.

During the same period, 95,000 light commercial vehicles were sold, a 5 percent drop compared to the first six months of 2016.

As for the heavy commercial vehicle market, sales tumbled by 22.4 percent compared to the same period last year, reaching 9,500 vehicles.