Turkey’s economic confidence index slips in June

ANKARA - Anadolu Agency

Confidence in Turkey’s economy was lower month-on-month in June, according to official data released on June 29.      

“Economic confidence index decreased by 1.6 percent compared to the previous month, falling from 100.5 to 98.9 in June,” the Turkish Statistical Institute (TÜİK) said in a report.      

The month-on-month fall was driven by deteriorations in consumer, services and retail trade confidence indices, according to the report.       

Sub-indices for real sector and construction showed improvements, however, compared to May, rose 3.8 percent and 0.4 percent respectively.      

“Real sector confidence index increased to 108.8 and construction confidence index increased to 86.7 in June,” TÜİK said.       

TÜİK recalled that consumer confidence index was also down in June, going down 3.8 percent, as reported last week. Services and retail trade confidence indices were also down, falling 3.1 and 2.1 percent respectively, it said.      

“Consumer confidence index decreased to 70, whereas services confidence index was down to 98.8 and retail trade confidence index fell to 100.7 in June,” it added.      

The consumer confidence index is seen as a vital gauge of the overall health of the economy, indicating people’s sentiments about spending their money, which in turn gives clues about economic vitality.