Turkey: Consumer sentiment plummets to nearly five-year low in November
November 27, 2014
The consumer confidence index, which is published by the Statistical Institute in cooperation with the Central Bank, tumbled from 70.3 points in October to 68.7 points in November, which marked the lowest level since February 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.
November’s drop reflected worsening job prospects and, to a lesser extent, deteriorating expectations regarding households’ assessment on their financial situation in the next 12 months as well as consumers’ probability of saving in the next 12 months. The expected economic situation in the coming 12 months recorded a softer decline.