Confidence in the Economy Hits 39-Month Low

Turkey’s Economic Confidence Index dropped to 93.1 in August, marking its lowest level since May 2021. According to the Turkish Statistical Institute (TÜİK), the index was at 94.4 in July but decreased by 1.3% in August.

Breaking down the index for August:

– The Consumer Confidence Index increased by 0.6% to 76.4.

– The Real Sector (Manufacturing Industry) Confidence Index decreased by 0.7% to 98.

– The Service Sector Confidence Index fell by 2% to 111.8.

– The Retail Trade Sector Confidence Index rose by 0.8% to 107.9.

– The Construction Sector Confidence Index increased by 1.1% to 88.

This decline reflects a significant dip in overall economic sentiment, with various sectors showing mixed performance.