Turkey’s economic confidence index improved sharply to 61.7 in May, the country’s statistical authority said on Thursday.
The May figure jumped 20.4% from 51.3 last month, amid Turkey’s normalization from the waning coronavirus pandemic, the Turkish Statistical Institute (TurkStat) data showed.
The month-on-month rise was driven by improvements in the consumer, real sector, services, retail trade, and construction confidence indices.
The construction confidence index surged the most from last month, at 31.1%.
The service and consumer confidence indexes followed with 10.8% and 8.5% rises, respectively.
The retail trade confidence index also saw a 5% 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