Confidence in Turkey's economy decreased 2% month-on-month in November, according to the country's statistical authority on Monday.

Posting a decline for the second month in a row, the main reading fell below the threshold level to 99.3 in November, the Turkish Statistical Institute (TurkStat) said.

A value above 100 in the economic confidence index indicates an optimistic outlook for the general economic situation, while a value below 100 points suggests a pessimistic view.

This decrease in the index was driven by weaker consumer and services confidences.

The subindex for consumer confidence dropped by 7.3% on a monthly basis to 71.1 in November, while the services confidence index decreased by 0.7% to 119.4.

The construction confidence index reached 93.6 in November, up by 1.0% compared to the previous month.

This month, subindices for the real sector (manufacturing industry) and retail trade confidences were both up 0.6% in the same period.