Index fell 9 percent month-on-month, official data shows
Economic confidence in Turkey fell 9 percent in August, compared to last month, the Turkish Statistical Institute (TurkStat) revealed on Wednesday.
The economic confidence index slipped to 83.9 this month, down from 92.2 in July, according to the statement from TurkStat.
This month-on-month decrease was driven by deteriorations in the consumer, real sector, services, retail trade and construction confidence indices.
“Consumer, real sector, services, retail trade and construction confidence indices decreased to 68.3, 96.3, 88, 93.4 and 68.8 in August, respectively,” it said.
The construction confidence index saw a slide of 10.7 percent during the same period. Consumer and real sector confidence indices followed with 6.5 and 5.1 percent declines respectively.
Subindexes on services and retail trade confidence declined 4.2 percent and 4 percent, respectively.
The Economic Confidence Index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of health of the economy.
“It indicates an optimistic outlook about the general economic situation when economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100,” it said.