Turkey's economic confidence improves in June

By Gokhan Ergocun

ISTANBUL (AA) - Turkey’s economic confidence index posted a monthly increase in June, according to official data released on Tuesday.

The index soared by 5.6% to reach 97.8 in June, up from 92.6 in May, the Turkish Statistical Institute (TurkStat) said.

“This increase in economic confidence index stemmed from the increases in consumer, real sector (manufacturing industry), services, retail trade and construction confidence indices,” TurkStat said.

Among sub-indices in June, services (6.2%), consumer (5.8%), retail trade (4.8%), construction (3.6%) and real sector (2.5%) posted increases on a monthly basis.

TurkStat noted: "Economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations and tendencies about the general economic situation.

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