Turkey: Consumer confidence declines in May
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, fell from 71.9 in April to 69.9 in May. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households.
May’s fall was driven by a broad-based worsening in all the sub-indicators. Consumers grew more pessimistic regarding their expected financial situation, the expected general economic situation, labor market dynamics and their ability to save. The slide in the index could have been driven in part by volatility in the foreign exchange market and uncertainty in the runup to elections set for 24 June.