Türkiye's Economic Confidence Rises in August, Reaches 5-Month High

Türkiye's economic confidence rose in August, reaching its highest level in five months and nearing the threshold that signals optimism, according to official data released on Thursday.

The economic confidence index rose 1.7% to 97.9 points in August from 96.3 in July, the Turkish Statistical Institute (TurkStat) said, The Caspian Post reports citing Turkish media.

This marked a rebound from July's 0.4% monthly decline.

The reading was also strongest since March, when the index was at 100.8.

The real sector confidence index, reflecting confidence in the manufacturing industry, rose 1.7% to 100.6 and the services confidence index rose 1.1% month-over-month to 111.1 in August.

The consumer confidence index also increased by 0.9% to 84.3, and the retail trade confidence index rose 0.8% in the month, reaching 108.8.

On the other hand, the construction confidence index dropped 4% to 85.3 in August.

The economic confidence index, a key indicator of the overall economic situation, ranges from 0 to 200.

A reading above 100 indicates optimism about the overall economic outlook, while a value below 100 reflects a more pessimistic assessment.