Confidence in economy continues to decline

Confidence in the economy declined for a fourth month in a row, data from the Turkish Statistical Institute (TÜİK) has shown.

The economic confidence index, a vital gauge, fell 1.5 percent month-on-month to 94.4 in July, after declining 2.5 percent in June.

Any index value above the 100 mark indicates an optimistic outlook about the general economic situation.

At 94.4 in July, the gauge of confidence index marked its lowest level in 11 months.

All sub-indices experienced declines on a monthly basis.

The monthly decline in the consumer confidence index accelerated from 2.7 percent in June to 3.1 percent in July to 75.9, according to TÜİK data.

Confidence in the real sector was down 1.8 percent to 98.7 points, falling below the 100 mark, after declining 1.9 percent in the previous month.

In the services sector, confidence, which dropped 1.5 percent in June, fell by 1.1 percent in July.

The construction confidence index saw a 0.9 percent decline, which followed the 0.5 percent fall recorded in June.