Economic confidence in Türkiye falls in May

By Tuba Ongun

Economic morale in Türkiye weakened in May compared to the previous month, according to official data released on Thursday.

The index dropped 0.8% month-on-month to 98.2 in May, easing from a 1% decline in April, the Turkish Statistical Institute (TurkStat) data showed.

Consumer confidence was the sole sub-index in the positive zone, rising 1% from the prior month to 80.51 in May.

The confidence index for the real sector – the manufacturing industry – decreased by 1.1% to 102.4 in May while it was stable at 117.1 for services.

The retail trade and construction confidence indexes fell 3.3% and 0.3%, to reach 111.7 and 88.3, respectively in the same period.

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