Turkey: Consumer confidence improves in November
December 16, 2010
In November, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, increased to 91.3 points from 89.0 points in October. Improving levels of confidence are evident in the upward trend, which began in November 2009 and pushed the confidence index towards the 100-point threshold that separates optimistic from pessimistic territory. At the current level, consumer confidence is 16.5% higher than in the same month last year, suggesting that the recovery in private consumption remains in place. The improvement in consumer sentiment was mostly driven by a more optimistic assessment of consumers' future purchasing power. Additionally, survey respondents were also more upbeat regarding the current general economic situation. Furthermore, November's improved confidence reading suggests that the economic recovery will continue in the fourth quarter, buttressed by robust domestic demand.