Turkey: Consumers slightly less gloomy in November
November 22, 2018
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, improved from a multi-year low of 57.3 in October to 59.6 in November. However, the index remained well below the 100-point threshold that separates pessimism from optimism among Turkish households.
November’s uptick was driven by consumers’ less pessimistic views regarding their ability to save, general economic conditions and their personal financial conditions. Nevertheless, consumers grew slightly more pessimistic about the labor market and despite the slight recovery in November, consumer sentiment remains dejected, pounded by sky-high inflation and punitive interest rates. This bodes poorly for private consumption in the final quarter of the year.
Turkey Private Consumption Forecast
FocusEconomics Consensus Forecast panelists see private consumption contracting 0.9% in 2019 and expanding 3.4% in 2020.
Author: Oliver Reynolds, Economist