Turkey: Consumer confidence reaches seven-month high in November
Sentiment among Turkish consumers improved in November, with the confidence index rising from 57.0 in October to 59.9. The reading in November marked the highest level since April this year, although the index still remained firmly entrenched below the 100-threshold that separates pessimistic from optimistic territory.
The uptick in the headline confidence level was broad-based with all subcomponents registering a higher value than in the prior month. This seemingly mirrors market expectations that the Turkish economy is slowly getting back on its feet towards the end of the year. Consumers’ views on the expected economic situation in the country and the future financial situation of households became notably less downbeat; this comes alongside a less pessimistic view on the labor market, with an anticipated drop in the unemployment rate. Moreover, the probability of saving among consumers inched up.