Turkey: Consumer confidence declines for first time in six months
May 23, 2012
In April, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank dropped to 91.1 points, down from 93.9 points in March, in what marks the first decline in the index in six months. As a result, consumer confidence remains 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 2.4 points below level observed in the same month last year. According to the Statistical Institute, the decline in the consumer confidence index stemmed from a deterioration in consumers' assessments concerning their purchasing power both in the present and in the next six months, as well as worse job opportunities in the next six months. Low levels of consumer confidence do not bode well for private consumption going forward.