Turkey: Consumer sentiment declines to nearly five-year low in December
December 30, 2014
The consumer confidence index, which is published by the Statistical Institute in cooperation with the Central Bank, tumbled from 68.7 points in November to 67.7 points in December, which marked the lowest level since January 2010. 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.
December’s drop reflected worsening job prospects and, to a lesser extent, deteriorating expectations regarding households’ probability of saving in the next 12 months. Conversely, consumers’ assessment on their financial situation in the next 12 months and the expected economic situation in the coming 12 months improved in December.