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Turkey’s economic confidence index fell 5.9% month-on-month in March to 91.8 points, data from the Turkish Statistical Institute (TÜİK) showed on March 27, marking a downturn after five straight months of gains.

The index points to an optimistic outlook when above 100 and pessimistic when below 100. It last stood above 100 points in March of 2018 and the latest data may mark early signs of a slump related to the coronavirus spread.

TÜİK attributed the decrease to a fall in real sector, services and retail trade confidence indices. According to its report, the sub-index for construction showed an improvement, rising 3.7% this month.

The consumer confidence index rose 1.7% month-on-month in March.

The confidence in real sector deteriorated the most, going down 7.6% during the same period.

The services and retail trade confidence indexes declined 6% and 1.2%, respectively from a month earlier in March.