Turkey’s economic confidence index sees sharp rise in May: report

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A customer takes his free bread after showing a dollars exchange receipt to Backer Gokhan Kuk (R) on December 6, 2016 in Istanbul. Convert your hard currency to Turkish lira and you could enjoy a free wedding package, a meal and a loaf of bread. Or even a gravestone. These incentives are being offered by Turkish businessmen to customers who respond to a call from President Recep Tayyip Erdogan to buy lira and prop up the ailing national currency. / AFP PHOTO / OZAN KOSE

Turkey’s economic confidence index rose sharply to 61.7 in May, the country’s statistical authority said on Thursday, according to the Anadolu news agency.

The May figure jumped by 20.4 percent from 51.3 last month, amid Turkey’s normalization from the waning coronavirus pandemic, Turkish Statistical Institute (TurkStat) data showed.

The month-on-month rise was driven by improvements in the consumer, real sector, service, retail trade and construction confidence indices.

The construction confidence index saw the greatest surge from last month, at 31.1 percent.

The service and consumer confidence indexes followed with 10.8 percent and 8.5 percent rises, respectively.

The retail trade confidence index also saw a 5 percent increase.

The economic confidence index is a composite index that encapsulates consumers and producers’ evaluations, expectations and tendencies about the general economic situation, according to TurkStat.

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

Turkish Minute

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