Turkey: Economic confidence continue to improve in July

ANKARA

Confidence in the Turkish economy continued to recover for three consecutive months after falling sharply in April amid the coronavirus pandemic, according to official data on Thursday.

The Economic Confidence Index climbed 11.8% compared to the last month, hitting 82.2 in July, the Turkish Statistical Institute (TurkStat) said in a report.

The figure was 73.5 this June and 84.6 in July 2019.

The rise in the index was driven by improvements in three sub-readings -- services, real sector, construction and retail trade confidence indices.

The services sector confidence index posted the best performance, rising 20.2% month-on-month in July.

Construction and real sector confidence indices followed with 11.6% and 10.7%, respectively during the same period.

The retail trade confidence also saw a 9.6% increase from last month.

The consumer confidence reading was the only sub-index in negative zone, suffering 2.7% on a monthly basis in July.