Turkey's consumer confidence index settles at 12-month low

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 country’s consumer confidence index fell by 0.1% in December, marking a fifth consecutive month of decline.

The consumer confidence index decreased to a reading of 65.1 in December from a reading of 65.2 in November. Any reading above 100 indicates an optimistic outlook, while any reading below 100 indicates a pessimistic outlook.

On the other hand, the index of financial expectations of households for the next 12 months increased by 0.5% in December and became 87.5, while the index of expectations for the number of unemployed persons in the next 12 months was down by 0.5% to a reading of 70.6 in December.

The index of expectations for the general economic situation for the next 12 months also increased by 0.5% on the month to 87.4 in December from a reading of 87.1 in November. The higher reading indicates that the number of consumers who expect a better general economic situation in the next 12 months has increased compared with the previous month.

Meanwhile, the index of the probability of saving in the next 12 months fell by 2.9% month over month to 17.5 in December from a reading of 18 in the previous month. This decrease means that the number of consumers who believe that they will be able to increase their savings in the next 12 months has fallen compared to the previous month.