Turkey: Consumer sentiment plummets in August
August 21, 2015
The consumer confidence index, which is published by the Statistical Institute in cooperation with the Central Bank, fell from July’s 64.7 points to 62.4 points in August. The figure marks the lowest reading since March 2009 and comes against a backdrop of increased political uncertainty and lira volatility in Turkey. As a result, consumer confidence still remains far below the 100-point threshold that separates pessimistic from optimistic territory.
August’s decrease came on the back of a broad-based decline in the index. Consumers were more pessimistic regarding unemployment, their financial and their economic situations in the next 12 months. However, consumers’ views on their probability of savings in the next 12 months was unchanged from July.