NEWS ECONOMY NEWS        28/05/2019

Turkey’s economic confidence index falls by 8.5% in May 2019

As of January 2019, the Turkish Statistical Institute (TÜİK - TurkStat) has changed its presentation of Turkey’s economic confidence index to allow for seasonal adjustments. Accordingly, it has recalculated past index calculations for 2018 to adjust for seasonal adjustments.


According to figures provided by TurkStat, Turkey’s seasonally adjusted economic confidence index fell by 8.5% to 77.5 points in May 2019 from 84.7 points in the previous month of April. This fall follows an increase of 3.4% in the previous month. The index was at 105.2 points at the beginning of 2018. It then fell down to 75.2 points in October 2018 before showing a small recovery.


Decreases in the consumer confidence sub-index of 12.9% to 55.3 points, in the services sector confidence sub-index of 4.4% to 79.4 points, in the real sector sub-index of 5.3% to 94.7 points, in the construction sector confidence sub-index of 7.7% to 49.8 points and in the retail trade confidence sub-index of 0.7% to 89.9 points all contributed to the overall increase in the economic confidence index in May 2019.


Turkey’s economic confidence index is still significantly below the crucial 100 points level. In Turkey, the economic confidence index is a composite index that covers encompasses consumers’ and producers’ evaluations, expectations and tendencies about the general economic situation. The index is produced by a combination of a weighted aggregation of normalized sub-indices of consumer confidence, seasonally adjusted real sector (manufacturing industry), services, retail trade and construction confidence indices. The economic confidence index indicates an optimistic outlook about the general economic situation when the index is above 100, and contrarily indicates a pessimistic outlook when it is below 100.

Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate drops to 9.26% in September 2019       Turkey’s unemployment rate jumps up to 13.9% in July 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019