Turkey’s economic confidence index sees sharp rise in May: report

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AFP PHOTO / OZAN KOSE

Turkey’s economic confidence index rose sharply to 61.7 in May, the country’s statistical authority said on Thursday, according to the Anadolu news agency.

The May figure jumped by 20.4 percent from 51.3 last month, amid Turkey’s normalization from the waning coronavirus pandemic, Turkish Statistical Institute (TurkStat) data showed.

The month-on-month rise was driven by improvements in the consumer, real sector, service, retail trade and construction confidence indices.

The construction confidence index saw the greatest surge from last month, at 31.1 percent.

The service and consumer confidence indexes followed with 10.8 percent and 8.5 percent rises, respectively.

The retail trade confidence index also saw a 5 percent increase.

The economic confidence index is a composite index that encapsulates consumers and producers’ evaluations, expectations and tendencies about the general economic situation, according to TurkStat.

It indicates an optimistic outlook about the general economic situation when the index is above 100, while it shows a pessimistic outlook when below 100.

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