Turkish economic confidence eases in May, consumer sentiment index falls sharply

Turkey’s economic confidence eased in May. According to the Turkish Statistical Institute, the economic confidence index dropped 8.5 percent to 77.5 from April’s 84.7. The fall was driven by the decreases in consumer, real sector, services, retail trade and construction confidence indices.

The consumer confidence index fell 13 percent to 55.3 from April’s 63.6. Meanwhile, the real sector confidence index dropped 5.3 percent to 94.7 in May from 100 in April.

Services sentiment index fell 4.4 percent to 79.4 from 83.1, whereas retail trade confidence index dropped 0.7 percent to 89.9 in May from April’s 90.6.

Construction confidence index saw a fall of 7.7 percent to 49.8 in May from 53.9 seen in the prior month.