Turkish economic confidence index falls by 8.5 percent in May

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A woman walks past a digital billboard giving updates on various currencies and the Turkish stock exchange in Istanbul on August 13, 2018. Turkey's troubled lira tumbled on August 13 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy. / AFP PHOTO / Yasin AKGUL

Turkey’s economic confidence index saw an 8.5 percent decline in May, falling to 77.5 percent, according to the Turkish Statistical Institute (TurkStat), the state-run Anadolu news agency reported on Tuesday.

All sub-indexes contributed negatively to the May figure, data revealed.        

“This decrease in the economic confidence index stemmed from decreases in the consumer, real sector [manufacturing industry], services, retail trade and construction confidence indices,” it said.        

The consumer confidence index posted the highest monthly decline among other sub-indexes with 13 percent in May.      

The construction confidence index followed with a 7.7 percent slide during the same period.      

The data showed that confidence in the real sector, services and retail trade went down by 5.3 percent, 4.4 percent and 0.7 percent, respectively, on a monthly basis in May.      

The economic confidence index is a composite index that encapsulates consumers and producers’ evaluations, expectations and tendencies about the general economic situation, TurkStat said.

An optimistic outlook on the general economic situation is indicated when the economic confidence index is above 100, whereas a pessimistic outlook is reflected with an index below 100, it added.

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