Mar 25 2019

Turkish services, construction sector confidence rise in March

Confidence in Turkey’s services and construction sectors improved in March.

An index measuring confidence in services rose to 81.6 points from 79.5 points in February, the Turkish Statistical Institute said on Monday.

Confidence in the construction sector increased to 54.1 points in March from 51.8 points the month before. Meanwhile, retail industry confidence edged down to 90.7 points from 90.8 points, the institute said. Any reading below 100 indicates a pessimistic outlook.

Investors in Turkey are looking for signs about whether the economy is emerging from a recession that began in the second half of last year. The economy contracted 2.4 percent on a quarterly basis in the three months to December, following a 1.6 percent contraction in the previous quarter.

A sub-index representing current overall order books in the construction sector rose to 41.6 points from 40.8 points. Expectations for employment over the next three months increased to 66.6 points from 62.8 points.

Expectations for sales and business activity in the retail industry over the next three months fell to 82.1 points from 85.5 points.