The consumer confidence index decreased to 68.9 in December, down 3.1% from 71.1 in November, and hit an all-time low, according to the Turkish Statistical Institute (TurkStat).
The index is a vital gauge of the economy’s overall performance, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.
All sub-indices deteriorated in the month with the financial situation expectation over the next 12 months weakening the most.
“The financial situation expectation of household index in the next 12-month period which was 68.9 in November decreased by 5.3% and became 65.2 in December,” TurkStat said.
The financial situation of household index at present compared with last year slipped 3.6% to 54.1 in the month.
The general economic situation expectation index in the next 12-month period dropped 2.2% month-on-month to 66.7 in December.
“Assessment on spending money on durable goods index over next 12 months compared to the past 12-month period which was 91.4 in November decreased by 1.9% and became 89.6 in December,” it added.
The consumer confidence index is calculated from survey results and evaluated within a range of 0-200, indicating an optimistic outlook when the index is above 100 and a pessimistic one when it is below.
