Turkish consumer confidence drops 2.8 per cent in February

Turkish consumer confidence dropped 2.8 per cent to 71.2 points in February, official data showed on Friday, but remained higher than a record low level it touched in December due to a slide in the value of the lira.

Confidence plunged in 2020 due to fallout from the COVID-19 pandemic before a rebound that began fizzling in October of last year.

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

In January, consumer confidence rose 6.2 per cent to 73.2 points, data from the Turkish Statistical Institute shows. It stood at 68.9 in December.