Economic confidence in Türkiye falls in May

Economic morale in Türkiye weakened in May compared to the previous month, according to official data released on Thursday.

The index dropped 0.8% month-on-month to 98.2 in May, easing from a 1% decline in April, the Turkish Statistical Institute (TurkStat) data showed.

Consumer confidence was the sole sub-index in the positive zone, rising 1% from the prior month to 80.51 in May.

The confidence index for the real sector – the manufacturing industry – decreased by 1.1% to 102.4 in May while it was stable at 117.1 for services.

The retail trade and construction confidence indexes fell 3.3% and 0.3%, to reach 111.7 and 88.3, respectively in the same period.

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