Economic confidence index falls to 15 year low in Turkey

Economic confidence index in Turkey decreased by 8.5 percent in May to 77.5 percent amidst the economic crisis
Tuesday, 28 May 2019 13:46

According to TURKSTAT data, in Turkey, economic confidence index decreased by 8.5% to 77.5 in May while it was 84.7 in April.

The decrease in the economic confidence index stemmed from the decline in consumer, real sector (manufacturing industry), services, retail trade, and construction confidence indices.

In May, consumer confidence Index fell to 55.3, real sector confidence index to 94.7, service sector confidence index to 79.4, retail trade confidence index to 89.9 and construction sector confidence index to 49.8.

The decline shows expectations of citizens about the economy to recover and their financial situation to improve are low. The fact that the economic confidence index is less than 100 indicates the pessimism about the general economic situation and the greater than 100 indicates the optimism regarding the general economic situation.

The index saw the lowest level with 55.7 percent in the 2008 crisis. The decline to 55.3 in May this year indicates the depth of the growing pessimism for the future.