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Economic confidence in Turkey drops to lowest level in 13 months

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Turkey’s economic confidence index tumbled 5.2 percent month-on-month in August to 94.1 points, the lowest figure in 13 months, data from the Turkish Statistical Institute (TurkStat) showed on Tuesday.

The index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as coronavirus measures were eased in the summer.

The index climbed above 100 points in July 2021 for the first time since May 2018.

The August reading followed declines of 1.8 percent in July and 2.5 percent in June.

The consumer confidence index struggled the most among the five sub-indices, falling 15.1 percent to 68.0 in August.

The services confidence index declined 1.7 percent from the previous month to 115.3 in August, while the construction confidence index fell 0.7 percent to 87.4.

The confidence indexes for retail trade and the real sector – manufacturing – fell 0.4 percent and 0.3 percent, respectively, to 114.3 and 104.6.

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