Turkish consumer confidence improves slightly in March: report

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Photo by Ryoji Iwata on Unsplash

Turkey’s consumer confidence index rose to 58.2 points in March from 57.3 the previous month, though it remained in the doldrums, Reuters reported, citing data from the Turkish Statistical Institute (TurkStat).

In May the index reached 55.3, its lowest level since the data was 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.

The Turkish economy will continue to struggle with the global coronavirus pandemic in the coming months as it has been disrupting businesses since the government announced stringent precautionary measures in the country.

First seen in the Chinese city of Wuhan, COVID-19, caused by the novel coronavirus, has spread rapidly around the world, infecting nearly 360,000 people worldwide and killing more than 15,000.

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