Turkey’s economic confidence index rose 5.6% month-on-month in June, official data showed Tuesday.

The index soared to 97.8 points in June, up from 92.6 in May, the Turkish Statistical Institute (TurkStat) said.

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 fell 1.3% in May this year as new restrictions were imposed to tackle a surge in coronavirus cases. The index was last above 100 points in March 2018.

The increase in the index in June stemmed from the increases in the consumer, real sector (manufacturing industry), services, retail trade and construction confidence indices, TurkStat said.

Among sub-indices in June, services (6.2%), consumer (5.8%), retail trade (4.8%), construction (3.6%) and real sector (2.5%) posted increases on a monthly basis.

The economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about the general economic situation.