Turkish economic confidence hits 2-year high
REUTERS photoThe Turkish Economic Confidence Index rose 1.1 percent to 100.5 points in May, hitting the highest level since November 2015, official data showed on May 26.
The economic confidence index thus advanced for the fourth straight month in May, after it tumbled to record lows in December 2016 and January 2017.
The increase in economic confidence index mainly stemmed from the increases in consumer, services, retail trade and construction confidence indices, according to data from the Turkish Statistics Institute (TÜİK).
The index 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.
The Consumer Confidence Index increased to 72.8, Services Confidence Index increased to 102, Retail Trade Confidence Index increased to 102.8 and the Construction Confidence Index increased to 86.3 in May, TÜİK data showed.
The Real Sector Confidence Index, however, decreased to 104.8 in May.