Economic confidence index slips in May

The economic confidence index declined for a second month in a row in April, a survey conducted by the Turkish Statistical Institute (TÜİK) has shown.

The index fell 0.8 percent in May from the previous month to 98.2, the statistics authority said on May 31, which came on top of the 1 percent decline in April.

Consumer confidence, which surged 1.4 in the previous month, ticked up 0.8 percent in April.

The real sector confidence index, which was unchanged in April, dropped 1.1 percent in May, while the confidence index for the services sector remained constant after declining 2.8 percent.

Confidence in the retail industry plunged 3.3 percent, comparing unfavorably with the 1.9 percent month-on-month increase in April.

In the construction sector, confidence was down 0.3 percent in May from the previous month.

The economic confidence index can take a value between 0 and 200.

When the economic confidence index is above 100, it indicates an optimistic outlook about the general economic situation, and when it's below 100, it indicates a pessimistic outlook.