Turkey’s economic confidence index surged to a 14-month high in March, according to the country’s statistical institute on Wednesday.

Driven by consumer, real sector (manufacturing industry), services, and retail trade indices, the main reading improved 3.3% from February to 98.9 this month, Turkish Statistical Institute (TurkStat) data revealed.

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

The figure was 99.3 in January 2020, before the coronavirus spread in the country and restrictive measures implemented.

The sub-index for services posted the largest rise with 5.1% to 105.5 in the same period. It was followed by the consumer confidence index, rising 2.5% month-on-month to 86.7 in March.

Real sector confidence and retail trade confidence indices climbed 1.4% and 0.2%, respectively, during the same period.

The construction confidence index was the only index that saw a deterioration this month, falling 4% from a month ago.

“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.

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