Confidence climbs in Turkey's economy

Confidence in Turkey's economy improved on a monthly basis in June, the Turkish Statistical Institute said on Thursday.

The country's economic confidence index reached 83.4 this month, rising 7.6% from May, TurkStat said in a statement.

The rise stemmed from improvements in the consumer, services, retail trade, construction, real sector and real sector manufacturing industry confidence indexes.

"Consumer, real sector, services, retail trade and construction confidence indices increased to 57.6, 99.6, 85.4, 93.2 and 50.4 respectively in June," TurkStat said.

The services confidence index posted the highest rise among other sub-indexes, rising 7.5% month-on-month in June.

This was followed by the real sector and consumer confidence indices with 5.2% and 4.3%, respectively.

During the same period, the retail trade confidence index increased 3.7% and the construction confidence went up 1.3%.

"The economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations, and tendencies about the general economic situation," said the TurkStat statement.

The institute underlined that a total of 20 sub-indices are used in the calculation, with data collected in the first two weeks of each month.

A value above 100 shows an optimistic outlook for the general economic situation, while a value below 100, a pessimistic outlook.