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Turkey’s consumer confidence dives deeper into pessimistic territory in July

Economy

Turkey’s consumer confidence dives deeper into pessimistic territory in July

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People look at foreign exchange rates in Ankara, Turkey, on August 10, 2018.
Turkish President Recep Tayyip Erdogan called on Turks to support their struggling currency, the lira, by exchanging any foreign money, saying Turkey faces an economic war. / AFP PHOTO / ADEM ALTAN

Turkey’s consumer confidence index fell to 60.9 points in July from 62.6 the previous month, dropping deeper into the pessimistic territory, Turkish Statistical Institute data showed on Thursday, Reuters reported.

Measures to combat the spread of the coronavirus pandemic brought the economy to a near standstill and sent consumer confidence to a record low of 54.9 points in April.

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

Despite easing the coronavirus measures and reopening its economy, Turkey faces serious challenges in the tourism sector since international travel restrictions continue.

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