Turkey’s consumer confidence bounces back in March

ANKARA - Anadolu Agency

Turkey’s consumer confidence index rose in March, according to a report released by the Turkish Statistics Institute (TÜİK) on March 23.

The index rose from 65.7 points in February to 67.8 points in March, up by 2.1 points or 3.2 percent, according to the report.        

The index indicates a pessimistic outlook and would need to rise above 100 to reflect optimism. 

The general economic situation expectations index saw the largest improvement, up by 5.8 percent to reach 93.2 points in March.   
     
The unemployment expectations index, a gauge of sentiment about the health of the labor market, also saw a rise of 3.7 percent to 70.4 points, suggesting people are more optimistic about finding jobs.        

The financial situation expectations of the household index saw the softest improvement, rising 2.1 percent from February to attain 87.8 points.        

The probability of saving index, however, was down 5.6 percent at 19.9 points.        

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.