What Happened: Turkey's consumer confidence index fell to 55.3 percent in May, marking a 15-year low and 13 percent dropoff from April, according to a May 21 report released by the Turkish Statistical Institute.
Why It Matters: Consumer confidence is an important indicator of Turkey's overall economic health. It remains unclear what led to the sharp decline, which comes just one month after the index spiked in April.
Background: The Turkish government has been pursuing various controversial fiscal and monetary policies to stabilize its economy. Of those implemented to date, many impose a heavy burden on private sector companies in the country.