Economic confidence index increases nearly 2 percent

ANKARA

The economic confidence index increased by 1.6 percent month-on-month to 100.8 in March, data from the Turkish Statistical Institute (TÜİK) showed on March 28.

The confidence index, which declined 0.5 percent in February, surpassed the 100-mark for the first time since March 2024, when it stood at 100.3.

The index indicates an optimistic outlook about the general economic situation when it is above the 100-mark.

Consumer confidence improved 4.6 percent, with the index reaching 85.9 in March, after rising 1.4 percent in the previous month.

The monthly increase in the real sector confidence index accelerated from 0.2 percent in February to 0.4 percent.

In the services sector, the confidence index, which fell 1.9 percent the previous month, ticked up 0.2 percent.

Retail and construction, however, were the only sectors where business morale deteriorated in March.

In the retail industry, the confidence index plunged by 2.5 percent month-on-month, which compares unfavorably to the 1.6 percent increase in February.

The month-on-month decline in confidence in the services sector slowed from 2.7 percent in February to 0.5 percent in March, showed TÜİK data.