ANKARA: Economic confidence in Turkey turned negative in April, according to data provided by the State Statistical Institute.
Confidence toward the economic outlook fell to 98.3 from 100.2, the agency in Ankara reported in the monthly survey on Friday. Any number below 100 indicates pessimism about the future.
The reading was the lowest since December and the second lowest over the past 10 months. The biggest declines in confidence came in manufacturing, which fell to 106.8 from 109.5, and retail, which decreased to 100.3 from 102.6. Consumer confidence rose to 71.9 from 71.3.
Turkish President Recep Tayyip Erdogan called snap elections last week for June 24, citing economic considerations and the war in neighbouring Syria. His government has sought to stimulate the economy with tax cuts and loan guarantees ahead of the poll, but the measures have led to a slump in the lira, double-digit inflation and a surge in imports.
