Türkiye’s economic confidence hits 5-month high

Türkiye’s economic confidence index rose by 3.2% in October, data by the national statistical authority showed on Wednesday.

The index rose to 98, a five-month high, compared to 95 in September, the Turkish Statistical Institute said.

The gauge had reached 98.2 in May this year.

The consumer confidence index increased by 3%, the real sector (manufacturing industry) confidence index by 3%, the services confidence index by 1.5%, and the retail trade confidence index by 0.1%.

The construction confidence index, meanwhile, decreased by 1.7% month-over-month, the data showed.

The confidence index indicates an optimistic outlook when it is above 100 and a pessimistic outlook when it is below 100.