Economic confidence slips to lowest since January 2017

ANKARA

Economic confidence in Turkey regressed to the lowest since January 2017 in June, by a 3.3. percent month-on-month decline, official data has shown.

The index dropped to 90.4, down from 93.5 in May, data from the Turkish Statistics Institute (TÜİK) showed on June 28.

The decrease stemmed from drops in the real sector, services, retail trade, and construction confidence indices, according to TÜİK data.

The four indices declined in the month to 102.5, 91.2, 94.4, and 75.3, respectively.

The index indicates an optimistic outlook on the general economic situation when it is above 100, or a pessimistic outlook when it is below 100.

The index saw a significant increase in the first month of this year and hit 104.9, but it has been decreasing since then.

In August 2017, Turkey’s economic confidence rose to its highest level—106.4—in more than five years, helping the Turkish Lira strengthen against the dollar.