Turkey: Consumer confidence broadly stable in June
July 16, 2012
In June, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank fell to 91.8 points, slightly down from the 92.1 points recorded in May. As a result, consumer confidence continues to be below the 100-point threshold that separates optimistic from pessimistic territory, where it has idled since May 2006. At its current level, the index is now 4.7 points below level observed in the same month last year. According to the Statistical Institute, the decrease in consumer confidence stemmed from a deterioration in consumers' assessments regarding job opportunities in the next six months, as well as worse conditions for the purchase of durable goods in the present. Low levels of consumer confidence do not bode well for private consumption going forward.