Turkish economic confidence down 5.2% in August

According to official data released on Tuesday, economic sentiment in Türkiye weakened in August compared to the month earlier.

The Economic Confidence Index dropped 5.2% month-over-month to a 13-month low of 94.1 in August, Turkish Statistical Institute (TurkStat) data showed.

August’s reading followed a 1.8% decline in July and 2.5% in June.

The consumer confidence index struggled the most among the five subindices, plunging 15.1% to 68.0 in August.

The confidence index for services decreased 1.7% from the previous month to 115.3 in August, while the construction confidence index fell 0.7% to 87.4.

The retail trade and real sector – manufacturing industry – confidence indexes ticked down by 0.4% and 0.3% to reach 114.3 and 104.6, respectively.

A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 suggests a negative assessment.