Economic confidence in Türkiye reached its highest level in 22 months in March, official data showed on Friday.
The economic confidence index jumped by 1.6% month-over-month to 100.8, the Turkish Statistical Institute (TurkStat) said. In February, the index stood at 99.2.
The March reading marks the highest level since May 2023. The index reflects optimism when above 100 and pessimism when below 100.
The economic confidence index primarily reflects trends in consumer confidence, seasonally adjusted real sector, and services sector confidence. It also incorporates trends from the retail trade and construction sectors.
The consumer confidence index rose by 4.6% in March compared to the previous month, reaching 85.9, while the real sector (manufacturing industry) confidence index increased by 0.4% to 103.2, the data showed.
The services sector confidence index also saw a slight rise of 0.2%, reaching 114.4.
The retail trade sector confidence index dropped by 2.5% to 113.4, while the construction sector confidence index declined by 0.5%, settling at 88.9, the TurkStat said.
The March data reflects the period before the detention and jailing of Istanbul Mayor Ekrem Imamoğlu.
Imamoğlu faces charges stemming from two investigations into the Istanbul Metropolitan Municipality – a corruption case and one alleging support for terrorism. A trial date has not been announced.
The government denies any influence over the judiciary and insists the courts are independent.
The opposition has called for protests and a boycott of companies that it says support the government.
President Recep Tayyip Erdoğan accused the opposition of "sinking the economy" and of being "so desperate that they would throw the country and the nation into the fire."
The impact of related events, which began with Imamoğlu's detention on March 19, is expected to be visible in the April data.
