Consumers have enjoyed a bout of robust pre-election spending: Standard & Poor’s
More people in Turkey are feeling positive about the future of the economy ahead of the election on Sunday, according to official figures published on Tuesday.
The Economic Confidence index rose by 13 percent in October, the Turkish Statistical Institute reported.
Consumers have enjoyed a bout of robust pre-election spending, credit agency Standard & Poor’s wrote in a note published on October 8th.
Standard & Poor’s economists have revised their GDP growth forecast for Turkey upward to 3.1 percent from 3 percent for 2015.
TurkStat’s gauge of economic confidence improved to a reading of 81.48 in October from 72.13 in September.
The sub-index tracking consumer confidence rose 7.3 percent in October to 62.78.
The sub-index for the real sector improved by 3.7 percent to 103.20, for retail trade confidence increased by 2.7 percent to 98.68 and for services rose to 97.63.
And the Construction Confidence Index decreased by 0.5 percent compare to September dropped to 80.02.
Driven largely by domestic consumption, Turkey’s economy grew at the rate of 3.8 percent in the second quarter of 2015, according to a statement released by TurkStat on Sept. 10.
The Turkish economy’s high growth rate is largely due to strong domestic demand and private sector investment, the statement said.
Turkey is holding a snap election on Sunday after coalition talks failed following an inconclusive poll in June.
Source: Anadolu News Agency