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Turkey’s economic confidence falls by 44.1 percent in April: report

A woman walks past a digital billboard giving updates on various currencies and the Turkish stock exchange in Istanbul on August 13, 2018. Turkey's troubled lira tumbled on August 13 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy. / AFP PHOTO / Yasin AKGUL

Turkey’s economic confidence index tumbled 44.1 percent month-on-month in April to 51.3 points, data from the Turkish Statistical Institute (TurkStat) showed on Wednesday, as it felt the impact of the coronavirus pandemic, according to Reuters.

It was the second monthly decline in a row after five straight months of gains. The index, which points to an optimistic outlook when above 100 and pessimistic when below, last stood above 100 points in March 2018.

The drop was a result of decreases in all indices, i.e., the consumer, real sector, services, retail trade and construction confidence indices, TurkStat said in a statement, according to the SeeNews website.

The consumer confidence indicator stood at 54.9 points in April, down by 5.8 percent compared to a month earlier. The real sector confidence indicator decreased by 36.8 percent month-on-month to 62.3, while the services confidence index declined by 50.1 percent to 46.1 points.

The retail trade confidence index fell 26.0 percent month-on-month to 75.2 points, and the construction confidence indicator lost 42.2 percent to 44.7 in the month under review.

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