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Economic confidence in Turkiye sees sharp decline in August
29 Aug '23
1 min read
Pic: Rugged Studio / Shutterstock.com
Insights
- In Turkiye, economic confidence indicators have dwindled in August 2023.
- The economic confidence index dropped by 5.2 per cent to 94.1, and consumer confidence plummeted by 15.1 per cent to 68.0, according to Turkish Statistical Institute.
- Other sectors such as manufacturing, services, and retail also recorded declines, amplifying economic uncertainties.
The economic confidence index in Turkiye fell by 5.2 per cent, from 99.3 in July 2023 to 94.1 in August 2023, according to Turkish Statistical Institute. The consumer confidence index saw an even more dramatic plunge, dropping by 15.1 per cent to stand at 68.0, compared to 80.1 in the previous month.
The real sector (manufacturing industry) confidence index in the country recorded a minor dip of 0.3 per cent, bringing it to 104.6.
Similarly, the services confidence index decreased by 1.7 per cent to 115.3, and the retail trade confidence index dropped by 0.4 per cent to 114.3.
Fibre2Fashion News Desk (KD)
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