Turkey’s economic confidence index rose by 2% m/m to 92.2 in July from 90.4 in June, the lowest level seen since January 2017, data from national statistics office TUIK showed on July 30.

The 100-mark separates optimism from pessimism. June's reading meant the index was recorded as in pessimistic territory for the fourth consecutive month.

Previously, the index jumped by 10% m/m to 104.9 points in January, the highest level registered since August last year. The indicator hit a five-year high of 106.4 last August but gradually declined across the four following months to 95.3 in December. From the January reading indicating optimism to June, the index was in free fall.

All the sub-indices measuring business confidence were up in July, except for the seasonally adjusted real sector confidence index.

The seasonally-adjusted business confidence index declined further from 102.5 in June to 101.5 in July, the lowest level posted since January 2017.

The adjusted index saw 110.9 points in January, the highest level since October last year, and then posted declines for the next six months.

The seasonally-adjusted services confidence index rose by 0.7% m/m to 91.9 in the month after posting declines for six months in a row from January to June.

The seasonally-adjusted retail confidence index also rose by 3.1% m/m to 97.3. The index hit 106.2 in January but declined for six months until June.

The seasonally-adjusted construction confidence index increased by 2.4% m/m to 77.1. The index rose to 87 in January and then also posted declines in the following six months in a row.

Consumer sentiment in Turkey moved up by 4% m/m to 71.3 on the index in July after showing a slight recovery of 0.6% m/m in June, according to data from national statistics office TUIK released on July 23.