Turkey's economic confidence in August hits 3-year high

Turkey's economic confidence index hit a 39-month high of 100.8 this August, the country's statistical institute said on Friday.

Chiefly driven by the services and construction confidence indices, the main reading improved 0.7% from July, Turkish Statistical Institute (TurkStat) data showed.

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

The previous highest figure was 101.7, posted in May 2018.

The sub-index for construction registered the largest rise with 7.1% to 92.4 during the same period.

The services confidence index followed it, rising 1.2% month-on-month to 116.1 in August.

Retail trade confidence and real sector indices were up 0.6% and 0.1%, respectively, in the month.

The consumer confidence index was the only sub-index in negative zone in August, suffering 1.6% from a month ago.