Turkey Consumer Confidence February 2020

Turkey

Turkey: Consumer confidence falls to four-month low in February

February 20, 2020

Consumer sentiment in Turkey fell to 57.3 in February, a four-month low, from 58.8 in January. Consequently, the index remained firmly entrenched below the neutral 100-mark that separates pessimism from optimism among households.

The drop in the headline figure reflected a broad-based deterioration in underlying components. Consumers’ expectations regarding their financial situation in the year ahead worsened, likely owing to still-high inflation, lira weakness and elevated unemployment. Moreover, the outlook on the labor market worsened as a greater number of people of expect the unemployment rate to rise in the next 12 months. Surprisingly, however, the probability of saving in the year ahead ticked up—although it remained very low—despite the Central Bank’s strong easing cycle bringing real interest rates into negative territory.

FocusEconomics Consensus Forecast panelists see private consumption increasing 3.8% in 2020 and 3.2% in 2021.


Author:, Economist

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Turkey Consumer Confidence February 20 20

Note: Consumer Confidence Index. Values above 100 indicate an optimistic outlook while values below 100 indicate a pessimistic outlook.
Source: Turkish Statistical Institute (TurkStat).


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