Various economic indicators show that Turkey's economy is gaining ground in October 2020.
According to the Turkish Statistical Institute (TurkStat) data, sectoral confidence indices recorded a noteworthy improvement in October. Reaching 79.7 points with a 6.4 percent increase, the services sector confidence index recorded the highest spike among other indices.
TurkStat also revealed that the retail trade sector index posted a 1.7 percent monthly rise, reaching 95 in October. Along the same line, a slight rise was recorded in the construction sector confidence index, which saw 83.8, going up by 0.6 percent.
Stemming from these increases, economic confidence index in October came at 92.8 with an increase of 4.8 percent when compared to September.
On a side note, a survey led by the Central Bank of the Republic of Turkey (CBRT) showed that real sector confidence index jumped from 105.3 points in September to 108.1 points.
CBRT further observed a recovery in the manufacturing industry in Turkey, which utilized 75.4 percent of its capacity in the month of October. The capacity utilization rate (CUR) of the manufacturing industry increased 0.8 percentage point on a monthly basis.