Turkey: Consumer confidence continues to decline in October
October 23, 2018
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, declined from 59.3 in September to 57.3 in October, the lowest reading since December 2008. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households.
October’s decrease was driven by consumers’ more pessimistic views regarding their ability to save, the labor market, general economic conditions and their personal financial conditions. This bodes poorly for consumer spending, which already slowed sharply in the first two months of Q3 according to recent retail sales figures.
Turkey Private Consumption Forecast
FocusEconomics Consensus Forecast panelists see private consumption contracting 0.2% in 2019 and expanding 3.2% in 2020.
Author: Oliver Reynolds, Economist