Turkey construction, services industry confidence climbs in May

Turkey’s construction sector confidence surged in May and key indicators for sentiment in the retail and services industries also increased.

Confidence among companies in the construction industry rose to 58.5 points from 46.1 points in April, the Turkish Statistical Institute said on its website on Friday. Sentiment in services improved to 51.1 from 46.1 and in retail to 79 from 75.2.

Confidence had slumped in April as the outbreak of the coronavirus shuttered many businesses and caused others to cut back on production.

Employment expectations in construction rose to 77.1 in May from 55.1 in April. A measure of current overall order books increased to 40 from 34.2.

So-called demand turnover expectations in the services sector over the next three months jumped to 77.2 from 42.2 in April. Sales expectations in the retail industry surged to 75.1 from a previous 50.5, the institute said.