Turkey Consumer Confidence

Turkey

Turkey: Consumer sentiment soars following Erdogan's decisive electoral victory

November 20, 2015

The consumer confidence index, which is published by the Statistical Institute in cooperation with the Central Bank, jumped from October’s 62.8 points to 77.1 points in November. November’s figure 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. Despite November’s stratospheric increase, consumer confidence still remains far below the 100-point threshold that separates pessimistic from optimistic territory.

November’s result came on the back of a broad-based improvement in the index. Consumers were more optimistic regarding their economic situation in the next 12 months. Moreover, households were less pessimistic about unemployment and their financial situation in the next 12 months. In addition, consumers’ views on their probability of savings in the next 12 months improved in November compared to October.

FocusEconomics Consensus Forecast panelists see private consumption expanding 3.4% in 2015, which is up 0.1 percentage points from last month’s forecast. For 2016, the panel expects private consumption to grow 2.7%, which is down 0.1 percentage points from last month’s estimate.


Author: Ricard Torné, Lead Economist

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Turkey Consumer Confidence November 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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