Confidence in the Turkish economy has dropped in May, the Turkish Statistical Institute (TurkStat) said Wednesday.

The consumer confidence index slipped 2.8 percentage points in May month-on-month, the data shows.

The index stood at 69.9 in May while it was 71.9 in April, TurkStat said.

All sub-indices decreased on a monthly basis in May, the data showed.

The probability-of-saving index saw the largest decline, suggesting less people expected to save money. The sub-index dropped 5 ppts to 26.8 this month.

Attitudes over the general economic outlook fell 4.2 ppts, month-on-month, down from 94.7 to 90.8 in May.

Turkey's financial situation expectation of household index also saw a monthly decrease of 1.3 ppts, at 89 in May.

However, the number of people unemployed expectation index, which is a gauge of the health of the labor market, was down 2.2 to stand at 72.9 in the month.

The index is calculated from the results of the consumer tendency survey carried out in cooperation with the TurkStat and Turkish Central Bank.