Confidence in economy continues to rise

ANKARA

Confidence in the Turkish economy has continued to improve in May, data from the Turkish Statistical Institute (TÜİK) have shown.

The economic confidence index advanced 1.4 percent month-on-month to stand at 103.7, after the gauge for confidence recorded a monthly increase of 3.5 percent in April.

Any figure above the 100 mark indicates an optimistic outlook regarding the general economic situation.

The index, which was also at 103.7 in September 2021, touched its highest level in May since 105.1 in April 2018.

The upward move in consumer confidence continued but at a slower pace. The sub-index for consumer sentiment grew 4 percent in May from April to 91.1, after rising 9.2 percent.

Overall business morale, however, remained unchanged this month from the previous month and stayed at 105.1, according to the TÜİK data.

The index for the construction sector confidence, which was down 0.1 percent April, rose by a strong 4.3 percent as the sub-indices for current orders booked and employment expectations over the next three months increased.

In the retail industry, confidence inched up 0.4 percent month-on-month after dropping 1.3 percent in April.

In services, the confidence index was down 0.6 percent in May, comparing unfavorably with the 1.1
percent rise in April.