Turkey: Consumer confidence drops in August
September 16, 2011
In August, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, dropped to 91.7 points from 94.8 points in July, marking the lowest level since February. Consumer confidence has idled below the 100-point threshold that separates optimistic from pessimistic territory since May 2006. Nevertheless, at the current level, the index is still 5.0% higher than in the same month the year before. Consumer sentiment decreased as short-term expectations regarding households' purchasing power and the general economic situation deteriorated over the previous month. In addition, employment expectations in the next six months worsened notably. As a consequence, prospects for purchases of durable goods dropped compared to July.