Turkey Consumer Confidence

Turkey

Turkey: Consumer sentiment in December moderates following November's jump

December 21, 2015

The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, receded from November’s 77.1 points to 73.6 points in December. November’s figure had marked the highest reading since April 2014 as political uncertainty diminished following the landslide victory of President Recep Tayyip Erdogan’s Justice and Development Party (AKP) in the 1 November general election. Nevertheless, consumer confidence still remains far below the 100-point threshold that separates pessimistic from optimistic territory.

December’s result came on the back of a broad-based improvement as all but one of the components of the index deteriorated. Consumers were much more pessimistic regarding their economic situation in the next 12 months as well as their job prospects. Moreover, households were more pessimistic about their financial situation in the next 12 months. On the upside, consumers’ views on their probability of savings in the next 12 months improved in December and hit a 10-month high.

FocusEconomics Consensus Forecast panelists see private consumption expanding 3.6% in 2015, which is unchanged from last month’s forecast. For 2016, the panel expects private consumption to grow 2.8%, which is also unchanged from last month’s estimate.


Author: Ricard Torné, Head of Economic Research

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Turkey Consumer Confidence December 2015

Note: Consumer Confidence Index. Values above 100 indicate an optimistic outlook while values below 100 indicate a pessimistic outlook.
Source: Turkish Statistical Institute (TurkStat).


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