Turkey: Consumer confidence strengthens and approaches optimistic territory
March 16, 2011
In February, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, rose from 91.3 points in January to 93.6 points. Consumer confidence has idled below the 100-point threshold that separates optimistic from pessimistic territory since May 2006. At the current level, consumer sentiment is 14.4% higher than in the same month the year before, suggesting that the recovery in private consumption remains ongoing. The increase in consumer sentiment was widespread, as all seven major categories improved over the previous month. In particular, respondents reported more positive assessments regarding current and future economic situation, suggesting that private consumption is likely to buttress economic growth in Q1 2011.