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  • 30-05-23

    Turkish Economic Confidence Index Shows Positive Growth in May, Reflecting Optimistic Outlook

    (MENAFN) According to official figures released on Monday, Turkey's economic confidence index experienced a notable increase of 1.4 percent to reach 103.7 in May compared to the previous month. The data, provided by the Turkish Statistical Institute (TurkStat), revealed that out of the five sub-indexes monitored, three exhibited upward trends, while one declined, and one remained unchanged.

    The construction index demonstrated the highest monthly growth, surging by 4.3 percent to reach 92.2. This significant increase in the construction sector reflects growing optimism and indicates a positive sentiment among construction industry stakeholders regarding the economic climate.

    The consumer confidence index also showed promising growth, rising by 4 percent to 91.1. This increase suggests that Turkish consumers hold a more positive outlook regarding the general economic situation. Similarly, the retail trade confidence index witnessed a modest growth of 0.4 percent to reach 116.7, indicating an optimistic sentiment among retail traders.

    On the other hand, the services confidence index experienced a slight decline of 0.6 percent to 117.4. Despite this dip, the services sector still maintains a relatively positive outlook. The real sector confidence index, however, remained unchanged at 105.1, signifying a stable sentiment among producers and manufacturers.

    The economic confidence index serves as a comprehensive indicator that encompasses the evaluations, expectations, and tendencies of both consumers and producers concerning the overall economic situation. When the index surpasses the threshold of 100, it signifies an optimistic outlook regarding the general economic conditions. Conversely, a value below 100 indicates a pessimistic outlook.

    The recent increase in the economic confidence index reflects a growing optimism in Turkey's economic landscape. It suggests that both consumers and producers hold positive expectations for the future, indicating a potential boost in economic activities and investments. The encouraging performance of the construction and retail sectors further reinforces this positive sentiment. However, the slight dip in the services confidence index emphasizes the need for continued efforts to strengthen confidence in this crucial sector. Overall, the latest figures showcase a hopeful outlook for Turkey's economy, setting the stage for potential growth and development.

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