The economic confidence index in Turkey declined to 51.3 in April amid lockdown measures to stem the spread of the coronavirus pandemic that halted production across many industries, according to data by the national statistical body Wednesday.
The April figure was down from 91.8 last month, or by 44.1%, the Turkish Statistical Institute (TurkStat) data showed. It was the second monthly decline in a row after five straight months of gains.
The month-on-month decrease was driven by a deterioration in consumer, real sector, services, retail trade and construction confidence indices.
The services confidence index fell the most by 50.1% compared to last month. Construction and real sector confidence indexes followed it with declines of 42.2% and 36.8%, respectively.
Sub-indexes on retail trade and consumer confidence went down 26% and 5.8%, respectively.
The economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations and tendencies about the general economic situation, according to TurkStat.
It indicates an optimistic outlook about the general economic situation when the economic confidence index is above 100, whereas it shows a pessimistic outlook with an index below 100.
