Turkey: Consumer confidence inches up in January
February 16, 2011
In January, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, inched up to 91.3 points from 91.0 points in December. With the January reading, the index resumed its upward trend towards the optimistic territory, which has been observed since November 2009. Consumer confidence has idled below the 100-point threshold that separates optimistic from pessimistic territory since May 2006. At the current level, however, consumer sentiment is 15.3% higher than in the same month the year before, suggesting that the recovery in private consumption remains ongoing. The improvement in consumer sentiment reflected a less pessimistic assessment regarding job opportunities. In addition, respondents also showed a stronger intention to carry out home improvements. On the other hand, prospects for the general economic situation deteriorated somewhat over the previous month.