Turkey: Consumer sentiment rebounds in March
March 28, 2014
The consumer confidence index published by the Statistical Institute in cooperation with the Central Bank rebounded from 69.2 points in February-a four-year low-to 72.7 points in March. Despite the strong increase, 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, household's assessments regarding the general economic situation in the next 12 months improved notably over the previous month. In addition, March's survey showed that households' financial prospects improved in March. Conversely, consumers' unemployment expectations deteriorated. FocusEconomics Consensus Forecast panelists see private consumption expanding 2.2% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, the panel expects private consumption to grow 3.5%.