Turkey: Mixed picture for economic confidence

ANKARA (AA) – Confidence in the Turkish economy was lower month-on-month in August according to official data released on Monday.

The economic confidence index was down 24.1 percent to 95.73 compared to last month, the Turkish Statistical Institute (TURKSTAT) said in a report.

However, consumer confidence soared by 11 percent to reach at 74.44 from 67.03 in August month-on-month, suggesting Turkish people were not deterred about spending following the foiled July 15 coup.

The month-on-month decrease was driven by deteriorations in services, retail trade, construction and real sector confidence indices, save for a healthy bounce in the consumer confidence index.

Muammer Komurcuoglu, an economist at Is Investment House, told Anadolu Agency that September’s reading would be the real gauge for assessing economic sentiment.