Turkey’s consumer confidence index drops 0.3% in October

Turkey’s consumer confidence decreased 0.3% in October from a month earlier, according to a Consumer Tendency Survey carried out by the Turkish Statistical Institute in cooperation with the Central Bank of the Republic of Turkey.

The consumer confidence index fell to a reading of 74.04 in October from a reading of 74.29 in September. Any reading above 100 indicates an optimistic outlook, while any reading below 100 indicates a pessimistic outlook.

The index of financial expectations of households for the next 12 months rose by 2.2% in October and became 94.09 while the index of expectations for the number of unemployed persons in the next 12 months was down 4.1% to a reading of 77.16 in October.

The index of expectations for the general economic situation for the next 12 months fell 1.3% on the month to post a reading of 101.62 in October from a reading of 102.92 in the previous month. The lower reading indicates that the number of consumers who expect a better general economic situation in the next 12 months has decreased compared with the previous month.

Meanwhile, the index of the probability of saving in the next 12 months was up 7.2% month over month to 23.27 in October when compared to 21.72 in September. This rise means that the number of consumers who believe that they will be able to increase their savings in the next 12 months has increased compared to the previous month.