Consumer confidence hits record low

The seasonally adjusted consumer confidence index fell by 6.2% from 67.6 to 63.4 in June, compared to the previous month, hitting a fresh record low, according to the Turkish Statistical Institute (TurkStat).

The index of household finances dropped by 8.1% over the past 12 months from 48.5 to 44.5 while the household finances expectations index in the next 12 months decreased by 10.0% from 66.5 to 59.9 in the same period.

The index measuring expectations for the general economic situation in the next 12 months was down by 7.1% from 66.3 to 61.6 in June.

The index for the assessment of spending on durable goods over the next 12 months declined by 1.8% from 89.0 to 87.5 points monthly.

The consumer confidence 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.

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