Turkish economic confidence index hits 100.0, reaching new high in March

The Turkish Statistical Institute announced on Thursday that the Economic Confidence Index, which stood at 99.0 in February, saw a modest increase of 1.0% in March, reaching a milestone of 100.0.

Breaking down the figures, the Consumer Confidence Index experienced a marginal uptick of 0.02%, settling at 79.4. Meanwhile, the real sector, particularly the manufacturing industry, witnessed a notable increase of 1.5%, reaching 103.5. Similarly, the services sector saw a parallel rise of 1.5%, with the Services Confidence Index climbing to 120.4.

However, not all sectors experienced gains. The retail trade sector saw a slight decline of 1.0%, resulting in a Retail Trade Confidence Index of 113.3. The construction sector faced a more significant setback, with a decrease of 3.6%, bringing the Construction Confidence Index to 88.6 in March compared to the previous month.

Despite these fluctuations, the overall outlook for the Turkish economy remains positive, with the Economic Confidence Index hitting a noteworthy milestone of 100.0, reflecting growing optimism and stability in the economic landscape. (ILKHA)