Turkish consumer confidence hits record low in April

The Turkish consumer confidence index dropped 7.3 percent to 67.3 points in April, official data showed on Thursday, hitting its lowest ever level, driven by a 10 percent drop from the previous month in the financial situation of households.

A slide in the value of the lira began driving a fall in consumer confidence late last year but there was a small rebound to 72.5 points in March, shrugging off the impact of the conflict in Ukraine.

Confidence had 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.