Turkey’s consumer confidence index moves up in November

0
Shop owners sit in front of their shops in Gaziantep, in the south-west province of Turkey, on May 1, 2018. AFP PHOTO / OZAN KOSE

Turkey’s consumer confidence index has risen to 59.9 points in November, the Diken news website reported on Thursday, citing a release by the Turkish Statistical Institute (TurkStat) and the country’s central bank.

The index posted a 5.2 percent increase over October’s 57 points.

After starting 2018 at around 70 points, the index had shown a sharp decline in the second half of the year, falling below 60 points.

In May 2019 the index was at 55.3 points, a record low since the beginning of data collection in 2004. Since then, it has been stagnating at around 55 points.

One of the essential economic indicators, the consumer confidence index demonstrates spending tendencies of consumers as well as directly affecting supply dynamics shaped by consumer demand.

Scores above 100 point to an optimistic outlook in consumer confidence, while numbers below 100 are indicative of a prevalent pessimism.

Liked it? Take a second to support Turkish Minute on Patreon!

LEAVE A REPLY