Turkish consumer confidence rebounded in January, official data showed Friday, after hitting its lowest level on record in December after a slide in the value of the Turkish lira.

The consumer confidence index rose 6.2% to 73.2 points this month, according to the Turkish Statistical Institute (TurkStat) data, bouncing back after dropping 3.1% to 68.9 points in December.

Confidence declined in 2020 due to fallout from the COVID-19 pandemic before a rebound that began declining in October of last year.

The index is a vital gauge of the economy’s overall performance, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.

All sub-indices improved in the month with the financial situation expectation over the next 12 months increasing the most.

The financial situation of the household index at present surged 3.6% month-over-month in January to 56.1, the data showed.

The general economic situation expectation index in the next 12-month period increased 11.8% month-over-month to 74.5.

Assessment on spending money on durable goods index over the next year rose by 1.4% to 90.9 in the month, compared to 89.6 in December.