Turkey: Consumer sentiment recovers slightly in October
October 30, 2013
In October, the consumer confidence index published by the Statistical Institute in cooperation with the Central Bank rose to 75.5 points, up from 72.1 points in September, which had marked the lowest level since October 2012. 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 broad-based; all sub-categories that compose the index gained some of the ground lost in the previous month. Consumer optimism increased especially regarding the country's economic situation in the next 12 months, as well as the probability that they will save money in the next 12 months. Households were also more optimistic regarding job prospects and their assessment of their personal financial situations in the next 12 months.
Consumer confidence levels remain low overall, which does not bode well for private consumption going forward. FocusEconomics Consensus Forecast panelists see private consumption expanding 3.2% this year, which is up 0.2 percentage points from last month's forecast. For 2014, the panel expects private consumption to grow 3.3%, which is down 0.3 percentage points over the previous month's estimate.