Turkey’s economic confidence climbs in August, led by consumers

Economic confidence in Turkey rose this month, led by an improvement in the outlook for consumers, the Turkish Statistical Institute reported on Monday.

Confidence improved to 94.3 points in August from 93.4 points in July, the institute said. That was the first increase in the gauge since May, the data showed.

The index is a combined measure that includes previously reported indices for confidence among consumers, manufacturers, and the services, retail and construction industries.

Turkey’s government is seeking to stimulate the economy ahead of presidential and parliamentary elections slated for June next year. As part of that plan, the central bank shocked economists on Aug. 18 by cutting its benchmark interest rate to 13 percent from 14 percent despite inflation that hit an annual 79.6 percent in July, the highest level since the late 1990s.

Confidence among consumers and constructors rose in August. Sentiment among retailers, firms in the service industry and manufacturers declined. Consumer confidence rose the most, improving to 72.2 points in August from 68 in July and 63.4 in June.

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