Turkiye’s economic confidence index increased by 2.7% month-on-month in January, according to the latest figures released on Friday.

From 98.2 last December, the index rose to 100.8 in the first month of the year, data from the Turkish Statistical Institute (TurkStat) showed.

A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 indicates a negative assessment.

The improved reading is due to “increases in consumer, real sector (manufacturing industry), services and retail trade confidence indices,” TurkStat said.

Almost all sub-indices posted positive results this month, with the only exception being the construction confidence index, which dropped from 90.0 to 85.5.

Consumer confidence rose by 6.2%, followed by retail trade confidence (2.5%), real sector confidence (1.6%), and services confidence (1.2%).

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.