ECONOMY

Turkish consumer confidence drops to lowest level on record in May

Turkey’s consumer confidence tumbled to 55.3 points in May. (File photo: Reuters)

Turkey’s consumer confidence tumbled to 55.3 points in May from 63.5 points in April, Turkish Statistical Institute data showed on Tuesday, hitting the lowest level since the data was first published in 2004.

The confidence level dropped below the 57.6 points hit in October and was also below the 55.7 of November 2008. A confidence level below 100 reflects a pessimistic outlook and would need to rise above 100 to indicate optimism.

Earlier this month, Turkey’s currency weakened beyond 6.24 against the dollar, hitting its weakest level in eight months amid concerns over the re-run of Istanbul’s mayoral election and tensions ahead of US-China trade talks.

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Last Update: Tuesday, 21 May 2019 KSA 10:32 - GMT 07:32
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