ANKARA
The consumer confidence index in Turkey slipped for the third consecutive month in December, the Turkish Statistical Institute revealed in a report on Tuesday.
The consumer confidence index is calculated from TurkStat's monthly consumer tendency survey and is carried out in cooperation with the Central Bank of Turkey to gauge consumers’ expectations for their personal financial standing and general economic situation.
According to the report, the consumer confidence index decreased by 1.3 percent in December compared to the previous month, which suggested an increase in economic pessimism among Turkish citizens.
The index, which was 68.7 points in December, dropped to 67.7 points in November.
The index is acknowledged as an important economic indicator since it evaluates consumers’ sentiments about the stability of their incomes, which in turn affects their spending and the overall shape of the economy.
The unemployment index, which reflects the general outlook of the labor climate, slipped by 3.5 points from last month’s figures, to 67.3 points in December according to the report.
Consumers are also less confident of being able to save money in the coming period, as the savings index declined by 1.7 points compared to November.
The expectation for household income of Turkish people over the next 12 months saw a meager 0.2 point hike, rising to 88.8 points.
However, the report also noted that customer confidence for the overall shape of Turkish economy for the next 12 months surged to 91.8 points from 90.5 points from the previous month.
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