Turkey’s economic confidence index continues to drop in December
Economic confidence in Turkey slipped month-on-month in December, falling 3 percent, the Turkish Statistical Institute (TÜİK) said on Dec. 28, signaling a further retreat from a five-year high in August.
The economic confidence index dropped to 95, down from 97.9 in November, TÜİK said in a statement, stemming from drops in the consumer, real sector, services, and construction confidence indices.
The four indices declined in the month to 65.1, 109.2, 96.2 and 81.6, respectively.
According to the report, only the retail trade confidence index showed improvement, rising 0.7 percent to 100.6.
In August, Turkey’s economic confidence rose to its highest level in more than five years to 106, helping the Turkish Lira strengthen against the dollar.
Since then the index has been decreasing, according to TÜİK data.
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.