Turkey: Consumer confidence drops sharply in August
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, declined from 73.1 in July to 68.3 in August, the lowest reading since December last year. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households.
August’s steep fall was driven by consumers’ more pessimistic views regarding the labor market, general economic conditions and their personal financial conditions. In addition, consumers grew less upbeat about their ability to save.