Confidence in Turkey's economy hits 1-year high

Published 28.08.2019 10:48
emReuters Photo/em
Reuters Photo

Turkey's economic confidence index climbed to its highest level since August 2018, according to official data released Tuesday.

Confidence in the Turkish economy jumped 7.9% in August month-on-month, hitting 87.1 points, the Turkish Statistical Institute (TurkStat) said.

The rise was driven by improvements in consumer, real sector, services, retail trade and construction confidence indices.

The services confidence index posted the highest increase among the sub-indices with 6.7% during the same period.

Construction and real sector confidence indices followed with a 6% and 5.7% rise, respectively.

The retail trade confidence index went up 5.1% from last month.

The sub-index tracking consumer confidence also soared by 3.1% in the same period of time, TurkStat added.

The economic confidence index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of health of the economy.

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