Turkey’s consumer confidence index drops 1.9 percent in December

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Consumer confidence in the Turkish economy dropped 1.9 percent in December to 58.8 after increasing two months in a row, according to the Turkish Statistical Institute (TurkStat).

All sub-indices, with the exception of the index gauging the probability of saving, slipped compared to last month, the state-run Anadolu news agency reported.

The index recording anticipation of unemployment fell the most, 2.9 percent. According to a TurkStat footnote: “An increase in the jobless index points to a decline in the expected number of jobless people, and a drop in the index is indicative of an increase in the expected number of jobless people.”

Sentiment over the general economic situation decreased 2.5 percent month-on-month in December.

The financial expectations of households also saw a slide of 2.1 percent during the same period.

However, the probability of saving index — indicating people’s expectation of earning enough money to save — showed an improvement, going up 3.5 percent from last month.

The index value is jointly calculated by TurkStat and the central bank through the measurement of consumer tendencies.

The consumer confidence index is seen as a vital gauge of the overall health of the economy, indicating people’s sentiments about spending their money, which in turn gives clues about economic vitality.

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