Turkey’s economic confidence grows for fourth-straight month

Economic confidence in Turkey climbed for the fourth-straight month in January, extending the highest levels since July 2018.

The index of confidence rose to 97.1 points this month from 96.5 points in December, the Turkish Statistical Institute said on Wednesday. It had stood at 82.5 points in January last year. The measure is an amalgamation of previously reported indices covering consumers, industry, retail, services and construction.

Turkey’s economy is emerging from a severe downturn sparked by a currency crisis that erupted in August 2018, thanks in part to government tax cuts, cheaper lending by state-run banks and a slowdown in inflation.

Any reading below 100 points reflects pessimism about the future. The index fell to as low as 75.2 in October 2018. It last posted a reading above 100 points in March of the same year.