Turkish consumer confidence bounces back from record lows

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People walk in a long corridor lined by Turkish flags in a historic bazaar in the central Sultanahmet district of Istanbul on August 11, 2018. / AFP PHOTO / Yasin AKGUL

Turkey’s consumer confidence improved 4.3 percent in June, after dropping to the lowest level on record in May, the Diken news website reported on Thursday.

Published by the country’s central bank and the official statistics institute TurkStat, the index rose to 57.6, recovering from May’s 55.3, which was the lowest score since the data was first recorded in 2004, even breaking the earlier record of November 2008 at the height a global financial crisis.

Despite the recovery, the June figure is still weaker than the numbers seen in the first quarter of the year.

Based on the consumers’ assessments of the current economic situation as well as expectations regarding the future, the monthly index is calculated between 0 to 200 points, and any reading for the index below 100 is indicative of pessimism about the future.

With the exception of unemployment, all sub-indexes improved in June. Expectations for households’ financial situation increased 5.9 percent, general economic situation 5.4 percent and the probability of saving 6.1 percent. The sub-index tracking the estimated jobless number for the next 12 months remained unchanged.

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