The index, which stood at 102.2 in April, witnessed a notable increase of 1.4% to reach 103.7, indicating a strengthening of economic sentiment among various sectors.
Notably, the Consumer Confidence Index exhibited a substantial surge of 4.0% during the same period, climbing to 91.1. This rise suggests a marked improvement in consumers' trust in economic conditions, potentially fueling increased spending and economic activity.
Meanwhile, the Real Sector Confidence Index, which measures confidence within the manufacturing industry, remained stable at 105.1. This consistency may indicate the sector's resilience and confidence in the prevailing economic environment.
In contrast, the Services Confidence Index experienced a marginal decline of 0.6%, settling at 117.4. Although this decrease suggests a slight weakening of sentiment in the services sector, it remains relatively high, indicating an overall positive outlook.
The Retail Trade Confidence Index, on the other hand, witnessed a modest increase of 0.4%, reaching 116.7. This growth may signify a growing sense of optimism among retailers, potentially driving increased sales and commercial activity.
The Construction Confidence Index recorded a significant surge of 4.3%, reaching 92.2 in May compared to the previous month. This considerable rise demonstrates a substantial boost in confidence within the construction industry, which could potentially lead to increased investment and construction projects.
Overall, the latest data from the Turkish Statistical Institute reveals an encouraging upward trend in economic confidence, with consumer sentiment experiencing a significant boost. These positive developments are expected to contribute to the country's economic growth and stability in the coming months. (ILKHA)
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