Turkish economic confidence index decreased 2.8% month-on-month to 97.9 in March, official data showed on Monday.

The index, which stood at 100.7 in February, lost 2.7 points, according to the Turkish Statistical Institute (TurkStat).

All sub-indexes posted declines in March, with the real sector and construction confidence indexes both dropping 3.9%.

Consumer confidence edged down 0.8%, while services and retail trade confidence indices fell 0.5% and 2%, respectively.

The economic confidence index, a composite indicator of the country’s overall economic situation, indicates an optimistic outlook when above 100 and a pessimistic one when below 100.