Turkey: Economic confidence down in April

By Gokhan Ergocun

ANKARA

Economic confidence in Turkey slipped month-on-month in April, falling 2 percent, the Turkish Statistical Institute (TurkStat) said on Friday.

According to a TurkStat statement, the economic confidence index dropped to 98.3, down from 100.2 in March. The decrease stemmed from drops in the real sector, services, retail trade, and construction confidence indices.

The four indices declined in the month to 106.8, 97.1, 100.3 and 78.8, respectively. Meanwhile, the consumer confidence index was up 0.8 percent to 71.9 in April.

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 the general economic situation," TurkStat said.

The next economic confidence figures are due out on May 30.