23.08.2023 13:49:18

Turkey Consumer Confidence At 14-Month Low

(RTTNews) - Turkey's consumer confidence weakened further in August to the lowest level in more than a year, a survey conducted in cooperation with the Turkish Statistical Institute and the Central Bank of the Republic of Turkey showed on Wednesday.

The consumer confidence index fell to 68.0 in August from 80.1 in the previous month.

Further, this was the lowest score since June 2022, when it was 63.4.

A reading below 100 signals a pessimistic outlook, while a score above 100 indicates optimism.

All four sub-indices of consumer confidence deteriorated in August from the previous month. The index measuring the current financial situation of households dropped to 56.2 from 64.5.

Similarly, their own financial situation in the next twelve months worsened from 79.2 to 63.7.

Expectations regarding the general economic situation over the year deteriorated in August, with the index falling to 63.1 from 82.2.

The indicator measuring spending money on durable goods over the coming twelve months decreased to 89.0 from 94.4.