Turkey: Consumer sentiment worsens in February
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, worsened from 58.2 in January to 57.8 in February. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households. Weak consumer confidence readings in recent months have likely been driven by still-high inflation and a softer labor market, boding poorly for private consumption.
February’s dip was driven by consumers’ greater pessimism regarding unemployment, the general economic situation and their personal financial situation. In contrast, consumers’ willingness to save increased from the previous month.