Turkey: Consumer sentiment picks up slightly in March
March 21, 2019
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, increased from 57.8 in February to 59.4 in March. As a result, the index moved closer to the 100-point threshold that separates pessimism from optimism among Turkish households. However, consumer confidence still remains depressed amid tight financial conditions and still-high inflation, which hints at a poor outturn for private consumption in Q1.
March’s uptick was driven by consumers’ reduced pessimism regarding the general economic situation and their personal financial situation. Consumers grew slightly gloomier regarding the labor market, and their willingness to save was unchanged from the prior month.
Turkey Private Consumption Forecast
FocusEconomics Consensus Forecast panelists see private consumption contracting 1.8% in 2019 before expanding 2.9% in 2020.
Author: Oliver Reynolds, Economist