Türkiye's economic confidence improves in May

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's economic confidence index rose 1.4% to 103.7 in May on a monthly basis, official figures showed on Monday.

Data from the Turkish Statistical Institute (TurkStat) showed that in May three of five sub-indexes posted increases, one declined. and one was flat.

The highest monthly change was seen in the construction index, jumping 4.3% to 92.2.

The consumer and retail trade confidence indexes were up 4% and 0.4% to 91.1 and 116.7, respectively.

The services confidence index dipped 0.6% to 117.4, while the real sector confidence was flat at 105.1.

The economic confidence index encapsulates consumers and producers' evaluations, expectations, and tendencies about the general economic situation.

If it is above 100, it indicates an optimistic outlook about the general economic situation, but a pessimistic outlook when it is below 100.