Turkiye’s economic confidence rises in May, ending 3-month decline

By Ovunc Kutlu

ANKARA (AA) – Turkiye’s economic confidence index increased in May, ending its consecutive three-month decline, according to data released by the country’s statistical authority on Thursday.

The figure rose to 96.7 in April, a gain of 2.1% from the previous month, the Turkish Statistical Institute (TurkStat) said in a statement.

"This increase in economic confidence index stemmed from the increases in consumer, services and retail trade confidence indices," it said.

On a monthly basis, the consumer confidence index increased by 0.4% to 67.6, the services confidence index rose by 6.1% to 121.7, and the retail trade confidence index increased by 1.7% to 121.4 in May, compared to the previous month.

However, the real sector manufacturing industry confidence index decreased by 0.7% to 107.0, and the construction confidence index declined by 2.2% to 81.6 in May, from the month before.

A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 suggests a negative assessment.