June 28, 2018•Update: June 28, 2018
By Gokhan Ergocun
ANKARA
Economic confidence in Turkey slipped month-on-month in June, falling 3.3 percent, the Turkish Statistical Institute (TurkStat) said on Thursday.
According to a TurkStat statement, the economic confidence index dropped to 90.4, down from 93.5 in May. The decrease stemmed from drops in the real sector, services, retail trade, and construction confidence indices.
The four indices declined in the month to 102.5, 91.2, 94.4 and 75.3, respectively. Meanwhile, the consumer confidence index was up 0.6 percent to 70.3 in June.
In August 2017, Turkey’s economic confidence rose to its highest level -- 106.4 -- in more than five years, helping the Turkish lira strengthen against the dollar.
According to TurkStat, the index indicates an optimistic outlook on the general economic situation when it is above 100, or a pessimistic outlook when it is below 100.
"The economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation," TurkStat said.
The next economic confidence figures are due out on July 30.
