Turkey’s economic confidence rebounds after 3-month drop

The Turkish economic confidence index rebounded in May, official data showed Thursday, after a three-month consecutive decline.

The index 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,” the institute 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.

The gauge, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as coronavirus measures were eased last year.

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