Economic confidence index falls in June

A survey by the Turkish Statistics Institute (TÜİK) has shown that confidence in the economy further eroded.

The economic confidence index declined for a third month in a row, falling 2.5 percent month-on-month to 95.8 in June, the statistics authority said on June 27.

The gauge of confidence was down 1 percent in April and declined 0.8 percent in May.

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

The index of consumer confidence plunged 2.7 percent monthly to 78.3 points after inching up 0.1 percent in May.

The pace of month-on-month decline in the real sector confidence index accelerated from 1.1 percent in May to 1.9 percent in June to 100.5.

In the services sector, confidence was down 1.5 percent after remaining unchanged in the previous month.

The business conditions appear to have improved slightly in the retail sector as the monthly decline in the confidence index slowed from 3.3 percent in May to 2.6 percent in June.

In the construction sector, confidence fell 0.5 percent which came on top of the 0.3 percent monthly decline recorded in May.

Separate data from TÜİK showed on June 27 that industrial enterprises' sales out of their production climbed from 8.9 trillion Turkish Liras in 2022 to 13.3 trillion liras last year.

The total value of enterprises' production was 15.7 trillion liras in 2023, up from 10.68 trillion liras in the previous year.

Some 13.7 percent of the goods sold were products manufactured in the food sector, followed by basic metals at 10.7 percent. The share of textile products was 6.5 percent, said TÜİK.