Consumer confidence in Turkey dropped 2.8% in February, the Turkish Statistical Institute (TurkStat) said Friday.

The consumer confidence index slipped to 71.2 points, the data showed, but remained higher than a record low level it touched in December due to a slide in the value of the Turkish lira.

Confidence had declined in 2020 due to fallout from the COVID-19 pandemic before a rebound that began fizzling in October of last year.

In January, consumer confidence rose 6.2% to 73.2 points, data from the Turkish Statistical Institute shows. It stood at 68.9 in December.

The index is a vital gauge of the economy’s overall, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.

All sub-indices fell in February, with the biggest drop seen in the financial situation expectation of households over the next 12 months, which dropped by 4.2% to 68.3.

The general economic situation expectation index tumbled by 3.8% to 71.7 in February, while the index for assessment on spending money on durable goods index over the next 12 months dropped by 1.7% to 89.4.

The financial situation of households at present index saw a decline of 1.6% to 55.2.