ECONOMIC CONFIDENCE INDEX HITS 13̞MONTH LOW

The economic confidence index dropped by 3.3% from 96.7 points to 93.6 points in June, compared to the previous month, according to the Turkish Statistical Institute (TurkStat). Thus, the index has reached its lowest level since May 2021. All sub-indices, except for construction, saw declines in June, with consumer confidence posting the largest decline. The consumer confidence index dropped by 6.2% from the previous month to 63.4 in June, while the retail trade index contracted 2.3% to 118.7 in the same period. The sub-indices for the real sector and services decreased by 2.2% and 1.7% to 104.6 and 119.6, respectively. On the other hand, the construction confidence index increased by 1.7%, reaching 83.0 in June. A rating above 100 indicates an optimistic outlook for the overall economic situation, while a value below 100 suggests a negative assessment.