Turkey’s consumer confidence falls in September

Turkey’s consumer confidence index dropped to 55.8 in September after increasing to 58.3 in August, the Turkish Statistical Institute said on its website on Friday. 

Any reading for the index below 100 indicates pessimism about the future.

The index of confidence fell to 55.3 points in May, the lowest level since records began 15 years ago.  Confidence among consumers has averaged 56.7 over the last five months, below the average of 59.1 registered in the aftermath of the currency crisis from September to December last year. 

Turkey’s economy faced a recession in the second half of 2018 following the currency crises. The country posted positive quarter-on-quarter economic growth in the first half of this year, but annual growth remains negative.