Turkey: Consumer confidence improves
August 16, 2012
In July, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank rose to 92.8 points, up from the 91.8 points recorded in June. Despite the improvement, consumer confidence remains below the 100-point threshold that separates optimistic from pessimistic territory, where it has idled since May 2006. Moreover, at its current level the index is now 2.1 points below the level observed in the same month last year. According to the Statistical Institute, the increase in consumer confidence stemmed from an improvement in consumers' assessments regarding their purchasing power in the present period as well as a better economic situation and job opportunities in the next six months. Low levels of consumer confidence do not bode well for private consumption going forward.