Turkey: Consumer sentiment declines to eight-month low in October
October 30, 2014
The consumer confidence index, which is published by the Statistical Institute in cooperation with the Central Bank, fell from 74.0 points in September to 70.3 points in October, which marked the lowest level since February. Consequently, consumer confidence remains firmly entrenched below the 100-point threshold that separates pessimistic from optimistic territory, and this does not bode well for private consumption going forward.
October’s drop reflected worsening expectations regarding the general economic situation in the coming 12 months and, to a lesser extent, deteriorating job prospects. Households’ assessment on their financial situation in the next 12 months recorded a slight deterioration, while consumers’ probability of saving in the next 12 months was the sole indicator that gained ground in October.