Economic Confidence Levels for December 2020 Decline in Turkey

The benchmark index from the Turkish Statistical Institute showed a decline in economic confidence levels for December 2020. According to the data, economic confidence levels declined to 86.4 points in December 2020 from 89.5 points a month earlier, down 3.5% month-on-month (MoM).

The decline in December 2020 was led by a fall in sub-indices pertaining to the services, retail trade and construction industries, which recorded MoM contractions of 9.2%, 7.8% and 7.2%, respectively.

Consumer confidence remained unchanged at 80.1 points and confidence amongst manufacturers increased to 110.4 points in December 2020, compared to 107.4 points in November 2020.

Local media reported that Turkish President, Recep Tayyip Erdoğan has announced significant reforms to the...