Consumer confidence hits 16-month high

The consumer confidence index surged by 4.6% from 75.6 to 79.1 in January, compared to the previous month, hitting a 16-month high, according to the Turkish Statistical Institute (TurkStat).

The financial situation of households, at present, went up 7.4% to 61.6 in January, month-over-month.

The index for the assessment of spending money on durable goods over the next 12 months, meanwhile, went down by 0.4% to 92.2 in this period.

The general economic situation expectation index increased by 7.0%, to 82.7, while the financial situation expectation of households over the next 12 months rose 6.0% to 79.9 in the same period.

The consumer confidence index is calculated from survey results and evaluated within a range of 0-200, indicating an optimistic outlook when the reading is above 100 and a pessimistic one when it is below.

The index is a vital gauge of the economy’s overall situation, indicating consumer sentiments on financial standings and the general state of the economy, along with expenditure and saving tendencies.

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