Turkey's economic confidence index falls in May

By Diyar Guldogan

ANKARA (AA) - Turkey's economic confidence index slipped month-on-month in May, falling 4.9 percent, the Turkish Statistical Institute (TurkStat) reported on Wednesday.

The economic confidence index dropped to 93.5, down from 98.3 in April, TurkStat said in a statement, stemming from drops in the consumer, real sector, services, retail trade, and construction confidence indices.

The five indices declined in the month to 69.9, 106.7, 92, 97.1, and 77.2, respectively.

"The economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation," TurkStat said.

According to TurkStat, 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.

The next economic confidence figures are due to release on June 28.