TURKSTAT: Confidence in the economy decreased in August

The Turkish Statistical Institute (TUIK) announced the economic confidence index data for August.

While the economic confidence index, which shows the expectations of consumers and producers about the general economic situation, was 99.3 in July, in August it decreased by 5.2 percent to 94.1. Thus, the index fell to the lowest level of the last year.

Thus, the index, which reached a value of 103.7 in May, when the elections were held, fell 9.6 points in the three months after the elections. The sharp drop in the economic confidence index was largely due to the decline in consumer confidence.

If the economic confidence index is greater than 100, it indicates optimism about the general economic situation, and less than 100 indicates pessimism about the general economic situation.

SHARP FALL IN CONSUMER CONFIDENCE

Compared with the previous month, the consumer confidence index decreased 15.1 percent to 68.0 in August, the real sector (manufacturing) confidence index decreased 0.3 percent to 104.6, service sector confidence index decreased 1.7 percent to 115 Retail trade confidence index decreased 0.4 percent to 114.3, construction confidence index decreased 0.7 percent at 87.4.