Turkish consumer confidence declines again after bouncing back from record lows

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A customer takes his free bread after showing a dollars exchange receipt to Backer Gokhan Kuk (R) on December 6, 2016 in Istanbul. Convert your hard currency to Turkish lira and you could enjoy a free wedding package, a meal and a loaf of bread. Or even a gravestone. These incentives are being offered by Turkish businessmen to customers who respond to a call from President Recep Tayyip Erdogan to buy lira and prop up the ailing national currency. / AFP PHOTO / OZAN KOSE

Turkey’s consumer confidence fell to 56.5, a 2 percent drop from June’s 57.6, the Diken news website reported on Tuesday.

Released by the country’s central bank and official statistics institute TurkStat, the index took a downward turn again after the improvement in June, which represented a 4 percent increase over the lowest level on record in May.

All the sub-indices declined, including household financial expectations, unemployment and savings.

Based on consumers’ assessment of the current economic situation as well as expectations regarding the future, the monthly index is calculated between 0 to 200 points, and any reading for the index below 100 is indicative of pessimism about the future.

May’s 55.3 was the lowest score since the data were first recorded in 2004, even breaking the earlier record of November 2008 at the height of a global financial crisis.

Turkish Minute

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