Turkey's economic confidence index surged to a 14-month high in March, the country's statistical institute revealed Wednesday, after a temporary easing of restrictions to curb the coronavirus pandemic.
Driven by consumer, real sector (manufacturing industry), services and retail trade indices, the main reading improved 3.3% from February to 98.9 this month, Turkish Statistical Institute (TurkStat) data showed.
The index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low last year before recovering as coronavirus measures were eased in the summer.
It dipped again in November when new curfews and curbs on business were imposed and stood at 95.8 points in February. The index was last above 100 points in March 2018.
The figure was 99.3 in January 2020, before the COVID-19 outbreak spread in the country and restrictive measures were implemented.
The subindex for services posted the largest rise with 5.1% to 105.5 in March. It was followed by the consumer confidence index, rising 2.5% month-on-month to 86.7.
Real sector confidence and retail trade confidence indices climbed 1.4% and 0.2%, respectively, during the same period.
The construction confidence index was the only index that saw a deterioration this month, falling 4% from a month ago.
"The economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations and tendencies about the general economic situation," the TurkStat statement said.
The institute underlined that a total of 20 subindices are used in the calculation, with data collected in the first two weeks of each month.
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