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 confidence indices of consumers and seasonally adjusted 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 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 gathered from the seasonally adjusted sectoral indices. Seasonality is not detected in the consumer confidence sub-indices series.