Turkey’s economic confidence index decreases amid uncertainties

ANKARA

Turkey’s economic confidence index fell 1.9 percent month-on-month to 84.28 in August from a revised 85.87 in July, data from the Turkish Statistics Institute (TÜİK) showed on Aug. 28.

This decrease in the economic confidence index stemmed from decreases in all confidence indices composing the index, according to the TÜİK, amid political uncertainty and the loss in the Turkish Lira’s value. 

The index indicates an optimistic outlook about the general economy when it is above 100 and indicates a pessimistic outlook when it is below 100.

The consumer confidence index, as one of the composing indicators of the economic confidence index, is calculated from Consumer Tendency Survey results, which is conducted in cooperation by the TÜİK and Turkey’s Central Bank.

Consumer confidence fell to its lowest point in more than six years in August, official data showed on Aug. 21. The consumer confidence index fell to 62.35 points in August, down from 64.66 in July, the data showed. That was the lowest since March 2009, when it hit 61.55.