Confidence in financial services plummeted in February

The Financial Services Statistics and Confidence Index for Financial Services (FHGE) of the Central Bank of the Republic of Turkey (CBRT) have released the data for February 2023.

According to data compiled from the responses of 155 institutions operating in the financial sector, FHGE decreased 4.4 points from the previous month and went to 141.3 in February.

It was observed that the business situation in the last three months and the expectation of demand for services in the next three months affected FHGE in an upward direction, while the demand for services in the last three months affected FHGE in a downward direction.

Assessments that there has been an improvement in the business situation in the last three months have strengthened compared to the previous month. Assessments that there has been an increase in demand for services in the last three months have weakened, while expectations that there will be an increase in demand for services in the next three months have strengthened.

The trend in favor of those who reported an increase in employment in the last three months strengthened, while the trend in favor of those who expected an increase in employment in the next three months weakened.

SUBSECTORS

When evaluating the confidence indices of the “Financial and Insurance Activities” sector by subsectors, 3.8 percent in the “Financial Services Activities (excluding insurance and pension funds)” sector compared to the previous month, “Insurance, Reinsurance and Pension Funds (excluding mandatory social security services)”. A decrease of 16.1 percent was observed in the “sector” and 15.8 percent in the “Financial Services and Auxiliary Activities of the Insurance Activity” sector. .