Economic confidence in Türkiye jumped by 1.2% month-over-month in October, official data showed Monday.

The economic confidence index climbed from 95.4 to 96.5 from September to October, the Turkish Statistical Institute (TurkStat) said.

It rose 4.4% for consumers, 0.9% for construction, 0.5% for services and 0.2% for the real sector while dropping 3.3% for the retail sales sector.

The economic confidence index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as coronavirus measures were eased.

The index mainly reflects the trends of the consumer, seasonally adjusted real sector (manufacturing industry) and service sectors. In addition, the trends of the retail and construction sectors are also included in the calculations.

It is a composite index that encapsulates consumers' and producers' evaluations, expectations and tendencies about the general economic situation.