Turkey: Economic Confidence Index higher in May

By Dilara Zengin

ANKARA (AA) - Confidence in Turkey’s economy has advanced in May, according to Turkish Statistical Institute (TurkStat).

The Economic Confidence Index rose by 1.1 percent to 100.5 points in the month from 99.5 points in April, TurkStat said in a statement Thursday.

"This increase in economic confidence index stemmed from the increases in consumer, services, retail trade and construction confidence indices," it said.

The sub-index tracking consumer confidence soared by 2.1 percent month-on-month to 72.8 points in May.

The sub-index for services was another best performed sector in the month up by 2.1 percent compared to last month, surging to 102 points.

Retail trade confidence and construction confidence increased by 1.1 percent (102.8 points) and 0.8 percent (86.3 points) month-on-month, respectively.

However, the real sector confidence slipped by 1.4 percent to 104.8 points in the same period.