Turkey’s consumer confidence creeps up in September: TÜİK

Turkey’s consumer confidence creeps up in September: TÜİK

ANKARA - Anadolu Agency
Turkey’s consumer confidence creeps up in September: TÜİK

Turkey's consumer confidence index increased by 1 percentage point in September. DHA photo

Consumer confidence in Turkey improved in September, the country’s statistics authority has said, suggesting that Turks' economic optimism is on the rise.

The consumer confidence index (CCI) rose from 73.2 points in August to 74 points this month, a 0.8-point increase on the 0-200 scale of confidence, according to the Turkish Statistical Institute (TÜİK).

The CCI shows how confident consumers feel about the stability of their incomes and serves as one of the key indicators for the overall shape of the economy.

A score of more than 100 on the CCI indicates economic optimism, while a figure below 100 indicates a gloomy outlook.

Expectations for the Turkish economy over the next 12 months rose by 2.3 points according to the latest survey, up from 99.8 points in August to 102.1 points in September.

Unemployment is expected to decline with the index, which reflects the general climate of labor, rising by one point on last month’s figures to 78.7 points in September.

Consumers are also more confident of being able to save money in the coming year, as the savings index rose by 0.9 percent compared to that of August. However, the expectation for household income over the next 12 months decreased by 2.3 points compared to that of the previous month, currently standing at 91.2 points.

Higher interest rates, political stability concerns, and global macroeconomic changes have been affecting consumers’ confidence.