Turkey: Consumer sentiment improves again in November
November 28, 2013
The consumer confidence index published by the Statistical Institute in cooperation with the Central Bank rose from 75.5 points in October to 77.5 points in November, which marks the highest level in four months. Nevertheless, consumer confidence remains firmly entrenched below the 100-point threshold that separates pessimistic from optimistic territory.
According to the Statistical Institute, the improvement was mainly due to increasing consumer optimism regarding the country's economic situation in the next 12 months, as well as a more optimistic view of job prospects. Households were more optimistic regarding their personal financial situations in the next 12 months, whereas their assessment of the probability that they will save money in the next 12 months deteriorated slightly. Despite the improvement in November, consumer confidence levels remain low overall, which does not bode well for private consumption going forward.
FocusEconomics Consensus Forecast panelists see private consumption expanding 3.6% this year, which is up 0.1 percentage points from last month's forecast. For 2014, the panel expects private consumption to grow 3.3%, which is down 0.1 percentage points over the previous month's estimate.