Turkey’s consumer confidence index falls in October

Turkey’s consumer confidence index decreased for the third month in a row by 2%, 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 decreased to a reading of 67.3 in October from a reading of 68.7 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 fell by 2.9% in October and became 87, while the index of expectations for the number of unemployed persons in the next 12 months was slightly up by 0.6% to a reading of 70.9 in October.
However, the index of expectations for the general economic situation for the next 12 months decreased by 4.5% on the month to post a reading of 90.4 in October from a reading of 94.7 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 by 4.2% month over month to 21 in October from 20.2 in September. This increase 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.