The Turkish consumer confidence rebounded slightly in May from a record low level it dropped to a month earlier, official data showed Friday.

The consumer confidence index rose to 67.6 this month, up 0.4% from April, the Turkish Statistical Institute (TurkStat) said in a statement.

The gauge had dropped 7.3% to 67.3 points in April, the lowest level ever, driven by a 10% drop from March in the financial situation of households.

The index is a vital gauge of the economy's overall performance, indicating people's sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

This month's increase was driven by the sub-index for financial situation expectations over the next 12 months.

A slide in the value of the Turkish 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.

After rising 6.2% to 73.2 points in January, the index had dropped 2.8% to 71.2 points in February. It stood at 68.9 in December.

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.