July 2023 sees continued dip in Turkiye's economic outlook index

01 Aug '23

1 min read

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Insights

In July 2023, Turkiye's economic confidence index showed a decline to 99.3, down by 1.8 per cent from the previous month, following a 2.5 per cent drop in June.
The retail trade index also fell by 2.6 per cent, and consumer confidence dipped by 5.9 per cent.
The manufacturing sector saw a slight 0.8 per cent decrease in its confidence index.

Turkiye’s economic outlook has shown signs of contraction as key indicators reflected a decline in July 2023. The economic confidence index, a key barometer of the country’s financial health, decreased by 1.8 per cent, settling at 99.3 in July from 101.1 the previous month. This follows a 2.5 per cent drop in June, marking a consistent downward trend.

The retail trade confidence index fell by 2.6 per cent to 114.7, aligning with the dip in consumer confidence. The June figures had shown an increment of 0.9 per cent, the Turkish Statistical Institute (TurkStat) said in a press release.

Consumer sentiment followed suit, with the consumer confidence index dropping 5.9 per cent to 80.1.

The manufacturing industry, or the real sector, witnessed a 0.8 per cent dip in its confidence index to 104.9. In contrast to the decline, June had shown a slight increase of 0.6 per cent.

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