Turkey: Consumers grow gloomier in December
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, worsened from 59.6 in November to 58.2 in December. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households. Weak consumer confidence readings throughout Q4 bode poorly for private consumption in the period.
December’s dip was driven by consumers’ less optimistic views regarding the labor market, general economic conditions and their personal financial conditions. Nevertheless, consumers grew slightly more upbeat about their ability to save.