Confidence in economy fell in June

The economic confidence index declined by 2.5 percent in June from May after rising in the previous two months.

The index was 101.1 in June, the Turkish Statistical Institute (TÜİK) said on June 23.

Any figure above the 100 mark indicates an optimistic outlook regarding the general economic situation.

The consumer confidence index, which advanced 4 percent in the previous month, plunged 6.5 percent.

The index measuring confidence in the real sector confidence inched up 0.6 percent in June, after remaining unchanged in May.

In the services sector, confidence, which fell 0.6 in May, rose by 0.6 percent.

The monthly increase in the confidence index for the retail industry quickened from 0.4 percent in May to 0.9 percent in June.

TÜİK also reported that confidence in the construction sector was down 3.5 percent, after rising 4.3 percent in May.

Separately, the Turkish Union of Chambers and Commodity Exchanges (TOBB) reported on June 23 that the number of newly launched companies increased by 6.4 percent in May from a year ago to 10,040. This also marked a 9.4 percent rise from April.

Some 2,000 companies went out of business in the month, up 0.4 percent compared with May 2022.

In January-May, a total of 54,246 new companies were launched in Türkiye, rising 3.1 percent on an annual basis.