Turkey: Consumer confidence moderates in August
September 17, 2012
In August, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, fell to 91.1 points, down from the 92.8 points recorded in July. As a result, consumer confidence dropped further below the 100-point threshold that separates optimistic from pessimistic territory, where it has idled since May 2006. At its current level, the index is now 0.6 points below the level observed in the same month last year. According to the Statistical Institute, the drop in consumer confidence stemmed from a deterioration in consumers' assessments regarding their purchasing power in the present period as well as a worsening economic situation in the next three months. Low levels of consumer confidence do not bode well for private consumption going forward.