Turkey’s economic confidence index rebounded 11.8% month-on-month in July to 82.2 points, official data showed on Thursday, making it the third month of recovery from lows caused by measures to combat the coronavirus.
Economic activity had declined sharply in March and April, when the index hit a low of 51.3 points, as Ankara implemented measures to slow the virus spread. Measures were gradually eased in May and mostly lifted in June.
The figure was 73.5 this June and 84.6 in July 2019.
The rise in the index was driven by improvements in three sub-readings: services, real sector, construction and retail trade confidence indices.
The services sector confidence index posted the best performance, rising 20.2% month-on-month in July.
Construction and real sector confidence indices followed with 11.6% and 10.7%, respectively, during the same period.
The retail trade confidence also saw a 9.6% increase from last month.
The consumer confidence reading was the only sub-index in the negative zone, suffering 2.7% on a monthly basis in July.
The index, which points to an optimistic outlook when above 100 and pessimistic when below, last stood above 100 points in March 2018.
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