Turkey: Consumer sentiment falls in December
December 26, 2013
The consumer confidence index published by the Statistical Institute in cooperation with the Central Bank declined from 77.5 points in November to 75.0 points in December, which marked a three-month low. Consumer confidence remains firmly entrenched below the 100-point threshold that separates pessimistic from optimistic territory, which does not bode well for private consumption going forward.
According to the Statistical Institute, the deterioration was broad-based; all sub-categories of the index lost ground over the previous month. Consumer confidence regarding the country's economic situation in the next 12 months and job prospects recorded the steepest falls. Households were also more pessimistic regarding both their personal financial situations in the next 12 months and the probability that they will save money in the next 12 months.
FocusEconomics Consensus Forecast panelists see private consumption expanding 3.6% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects private consumption to grow 4.0%.