Turkey: Consumer confidence jumps in June
July 18, 2011
In June, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, rose to 96.4 points from 92.9 points in May. Consumer confidence has idled below the 100-point threshold that separates optimistic from pessimistic territory since May 2006. Nevertheless, at the current level, the index is 9.5% higher than in the same month the year before and suggests a recovery in consumer confidence, which bodes well for private consumption going forward. Consumer sentiment increased as short-term expectations regarding households' purchasing power and the general economic situation, improved over the previous month. In addition, employment expectations in the next six months improved substantially. As a consequence, prospects for purchases of durable goods improved slightly compared to May.