Turkish consumer confidence index down in March

Turkish consumer confidence index down in March

Turkish consumer confidence index down in March

Turkey’s monthly consumer confidence index slipped month-on-month in March, falling 1.3 percent, according to official data released on March 20.

The consumer confidence index dropped to 71.3 points, down from 72.3 points in February, the Turkish Statistical Institute (TÜİK) said in a statement.

The index, which is calculated from the results of the consumer tendency survey carried out by TÜİK and the Central Bank, indicates an optimistic outlook when it is above 100 or a pessimistic outlook when it is below 100.

The drop largely owed to worsening expectations about future financial conditions, the future state of the economy, and unemployment figures. The three indices dropped to 90.6, 95.1, and 73.5 points respectively.

The probability of saving was the only index to go up, marking an increase of 1.2 percent at 26 points in March.

The consumer confidence index sharply rose to 72.33 in January after regressing to 65.1 in December 2017, the lowest level of last year.

The highest 2017 level was reached in May, when the index rose to 72.8.

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