Consumer confidence recovers in May, rising 1 percent
ANKARA
Consumer confidence in May reversed its downward leaning in the previous month, data from the Turkish Statistical Institute (TÜİK) showed on May 20.
The consumer confidence index, which dropped 2.3 percent in April, advanced 1.1 percent monthly in May to 84.8.
The index indicates an optimistic outlook when it is above the 100-mark.
The sub-index of households’ expectations for their financial situation in the next 12 months rose 1.2 percent month-on-month, after falling 0.2 percent in April.
The sub-index measuring households’ assessment of their current financial situation, which was down 2.5 percent monthly in April, was unchanged in May.
Consumers appeared to be relatively more optimistic about the general economic situation over the next 12 months, according to TÜİK’s monthly survey. The index of general economic situation expectation fell 0.7 percent in May against the 2.2 percent decline recorded in April.
The index tracking spending on durable goods over the next 12 months saw a 3.3 percent increase in May month-on-month.
The consumer confidence index serves as a key indicator of the economy's overall health, capturing public sentiment regarding financial conditions, the broader economic outlook and spending and saving intentions.
