Turkey’s economic confidence index posted a monthly increase in July, according to official data released on Thursday.

The index rose by 2.3% to reach 100.1 in July, up from 97.8 in June, the Turkish Statistical Institute (TurkStat) said.

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

“This increase in economic confidence index stemmed from the increases in real sector (manufacturing industry), services, retail trade, and construction confidence indices,” TurkStat said.

Among sub-indices in July, services (5.8%), consumer (2.7%), retail trade (3.7%), construction (4.7%), and real sector (2.1%) posted increases on a monthly basis.

The economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations, and tendencies about the general economic situation.

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