Turkey: Consumer sentiment stays depressed in January
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, worsened from a revised 58.7 in December (previously reported: 58.2) to 58.2 in January. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households. Weak consumer confidence readings continue to bode poorly for private consumption.
January’s dip was driven by consumers growing substantially more pessimistic about their ability to save. In contrast, they grew slightly less pessimistic about general economic conditions and their personal financial conditions. Consumers’ views of the labor market were largely unchanged from the prior month.