TURKSTAT: Confidence in the economy increased in May

The Turkish Statistical Institute (TUIK) announced the economic confidence index data for May.

The economic confidence index, which is a composite index that summarizes the evaluations, expectations and trends of consumers and producers on the general economic situation, which in April was 102.2, increased 1.4 percent in May to 103, 7.

Compared with the previous month, the consumer confidence index increased 4.0 percent to 91.1 in May, the retail confidence index increased 0.4 percent to 116.7, the confidence index construction rose 4.3 percent to 92.2.

THE CONFIDENCE INDEX IN THE SERVICES SECTOR LOWERS

While the confidence index for the real sector (manufacturing) remained at the same level and kept its value of 105.1, the confidence index for the service sector decreased by 0.6 percent to 117.4.

If the economic confidence index is greater than 100, it indicates optimism about the general economic situation, and less than 100 indicates pessimism about the general economic situation.