Turkey: Consumer confidence plunges to lowest level in more than two years
November 16, 2012
In October, the consumer confidence index published by the Statistical Institute in cooperation with the Central Bank fell to 85.7 points, down from the 88.8 points recorded in October. The figure marks the lowest level seen since March 2010. 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. Moreover, at its current level, the index is now 4.0 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' assessment regarding the economy in the next three months. In addition, respondents to the survey had a more pessimistic assessment regarding their purchasing power in both the present period as well as in the next six months.
Author: Armando Ciccarelli, Head of Data Solutions