Turkish economic confidence drops sequentially in August

Turkish economic sentiment fell sequentially in August. According to Turkish Statistical Institute, Turkey’s economic confidence index dropped 9 percent to 83.9 in August from July’s 92.2. The August index is the lowest since March 2009. The fall in the economic confidence index was driven by the sub-indices.

The consumer confidence index dropped 6.5 percent to 68.3 in August from 73.1 in July. Real sector confidence index and services confidence index fell 5.1 percent and 4.2 percent to 96.3 and 88, respectively, from 101.5 and 91.9.

Retail trade confidence index dropped 4 percent to 93.4 from July’s 97.3. Construction confidence index fell 10.7 percent to 68.8 percent from 77.1 in July.