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Turkey’s consumer confidence index fall in May to 64.29 points

Turkey’s consumer confidence index fall in May to 64.29 points

ANKARA: Turkey’s consumer confidence index fell in May to 64.29 points, its lowest in more than six years, from 65.35 in April, the Turkish Statistics Institute (TÜİK) said.

The index indicates an optimistic outlook when it is above 100 and a pessimistic outlook when below 100.

While household expectations for finances were little changed, expectations for future income were also lower in May.

The general economic situation index declined by 0.7 percent to 85.50 in May, while the number of consumers expecting a better general economic situation in the next 12 months decreased.

However, the index measuring the expectations of financial situations of households came in at 86.18 in May, slightly up from 86.16 in the prior month.

The index measuring the prospects of savings declined by 11.6 percent to 19.79 in May, showing that there was a decrease in consumers’ expectations that savings would rise in the next 12 months.

The index measuring expectations for the number of unemployed people declined by 1.6 percent to 65.70 over the same period.