Turkey's economic confidence index drops in March

Economic confidence in Turkey slipped month-on-month in March, falling 2.6 percent, the Turkish Statistical Institute (TurkStat) said on Tuesday.

According to a statement issued by TurkStat, the economic confidence index dropped to 100.2, down from 103 in February. The decrease stemmed from drops in the consumer, real sector, services, retail trade and construction confidence indices.

The five indices declined in the month to 71.3, 109.5, 99.1, 102.6 and 78.9, respectively.

In August 2017, Turkey's economic confidence rose to its highest level in more than five years, helping the Turkish lira strengthen against the dollar.

According to TurkStat, the index indicates an optimistic outlook on the general economic situation when it is above 100, or a pessimistic outlook when it is below 100.

"The economic confidence index is a composite index, encapsulating the evaluations, expectations, and tendencies of both consumers and producers on the general economic situation," TurkStat said.

The next economic confidence figures are due to release on April 27.