Consumer confidence in Turkey dips slightly in February: report

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Photo by Ryoji Iwata on Unsplash

Turkey’s consumer confidence index fell to 57.3 points in February from 58.82 the previous month, data from the Turkish Statistical Institute (TurkStat) showed on Thursday, according to Reuters.

In May the index touched 55.3, its lowest level since the data were first published in 2004, as the economy was hit by recession. A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.

Turkey had experienced a currency crisis in the summer of 2018 when the lira lost some 30 percent of its value against the US dollar following a diplomatic crisis over the trial of an American pastor on terrorism charges.

Although the economy has been on a path to recovery, high inflation and unemployment have proven worrisome for the Turkish public.

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