Economic confidence in Türkiye down in August

By Tuba Ongun

Economic morale in Türkiye fell in August compared to a month earlier, according to official data released on Tuesday.

The Economic Confidence Index dropped 5.2% month-on-month to a 13-month low of 94.1 in August, the Turkish Statistical Institute (TurkStat) data showed.

August's reading followed a 1.8% decline in July and 2.5% in June.

Among the five sub-indices, the consumer confidence index struggled the most, plunging 15.1% to 68.0 in August.

The confidence index for services decreased 1.7% from the previous month to 115.3 in August, while the construction confidence index fell 0.7% to 87.4.

The retail trade and real sector – manufacturing industry – confidence indexes ticked down by 0.4% and 0.3%, to reach 114.3 and 104.6, respectively.

A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 suggests a negative assessment.