The Information Source of Turkey
RELEASE DATE: 28 May 2021
Data Dissemination Group
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No: 37512 28 May 2021 Hrs: 10:00
Economic Confidence Index, May 2021
Economic confidence index realized as 92.6
Economic confidence index which was 93.9 in April decreased by 1.3% in May to 92.6. This decrease in economic confidence index stemmed from the decreases in consumer, real sector (manufacturing industry), services and retail trade confidence indices.
Consumer confidence index decreased by 3.6% and became 77.3, real sector confidence index decreased by 0.3% and became 107.1, services confidence index decreased by 1.1% and became 102.2, retail trade confidence index decreased by 2.1% and became 100.9. On the other hand, construction confidence index increased by 3.0% and became 79.6 in May compared to the previous month.
Economic confidence index, May 2021
Economic confidence index, sectoral indices and the rate of changes, May 2021
The next release on this subject will be on June 29, 2021.
Economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations and tendencies about 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 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.
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.
There is no report for the press release.
Economic confidence index is a composite index, encapsulating the evaluations, expectations and tendencies of both consumers and producers on general economic situation. The index is weighted aggregation of sub-indices of seasonally adjusted confidence indices of consumers, real sector (manufacturing industry), services, retail trade and construction sectors.
Sub-indices covered in economic confidence index:
Sub-indices of consumer confidence index
Sub-indices of real sector (manufacturing industry) confidence index
Sub-indices of services confidence index
Sub-indices of retail trade confidence index
Sub-indices of construction confidence index
Classifications: Statistical Classification of Economic Activities in the European Community, Revision 2 (NACE Rev. 2) is used in Business Tendency Surveys. International Standard Classification of Occupations (ISCO-08) is used for occupational classification in the Consumer Tendency Survey.
International and Regional Guidelines: The Joint Harmonised European Union Programme of Business and Consumer Surveys user guide is used.
Source of Weights: Sectoral weighting coefficients that The Joint Harmonized EU Programme of Business and Consumer Surveys already use, are used to combine individual components of the economic confidence index. These weights, which are determined by two criteria: the ability to represent the sector and the relation with the reference component, are applied to the standardised component series.
The weights of the sectors whose sub-indices used are as below;
These 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.
Geographical Coverage: Turkey
Sectoral Coverage: Consumer, real sector (manufacturing industry), services, retail trade and construction sectors are covered.
Source of Data: Consumer Tendency Survey carried out in cooperation with the Turkish Statistical Institute (TurkStat) and Central Bank of the Republic of Turkey (CBRT), Business Tendency Survey (manufacturing industry) conducted by CBRT, Monthly Services Tendency Survey, Monthly Retail Trade Tendency Survey and Monthly Construction Tendency Survey conducted by TurkStat.
Sub-indices and indices are calculated by the data collected with these surveys in the first two weeks of each month.
Sub-indices used at the calculation of economic confidence index are the seasonally adjusted values.