Economic confidence in Türkiye drops to lowest level in over 3 years
A person shopping with a shopping cart (AA Photo)
The Economic Confidence Index in Türkiye fell to its lowest level since May 2021, declining by 1.3% from the previous month to 93.1 in August, according to the Turkish Statistical Institute (TurkStat).
This marked the lowest point in economic confidence in over three years, reflecting growing concerns about the country’s economic situation.
Economic confidence index hits lowest point since May 2021
The index increased by 0.6% to 76.4 in August, while the real sector (Manufacturing Industry) index decreased by 0.7% to 98.
| Index | Index | Percentage change over the previous month (%) | Percentage change over the previous month (%) | |
| July | August | July | August | |
| Economic confidence index | 94.4 | 93.1 | -1.5 | -1.3 |
| Consumer confidence index | 75.9 | 76.4 | -3.1 | 0.6 |
| Real sector confidence index | 98.7 | 98.0 | -1.8 | -0.7 |
| Services confidence index | 114.1 | 111.8 | -1.1 | -2.0 |
| Retail trade confidence index | 107.1 | 107.9 | -1.5 | 0.8 |
| Construction confidence index | 87.1 | 88.0 | -0.9 | 1.1 |
The services sector index dropped by 2% to 111.8, whereas the retail trade sector saw a 0.8% rise to 107.9. The Construction Sector Confidence Index also improved, increasing by 1.1% to 88.
Understanding Economic Confidence Index
The index ranges from 0 to 200, with a value above 100 indicating optimism about the general economic situation and a value below 100 signaling pessimism.
The current level of 93.1 suggests a prevailing pessimistic outlook on the economy.
