BY DAILY SABAH WITH REUTERS
Türkiye’s consumer confidence index fell 1.3% to 75.6 points in December, official data showed on Tuesday, ending a five-month rising streak from a record low of 63.4 in June.
The biggest decline in confidence was seen in the current financial situation of households, which fell 1.5% in December from a month earlier to 57.4.
The general economic situation expectation over the next 12 months plummeted 4% compared to a month ago.
In November, the confidence figure was at a 14-month high of 76.6.
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.
A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism, according to the data from the Turkish Statistics Institute (TurkStat).
Confidence plunged in 2020 due to the fallout from the COVID-19 pandemic before a brief rebound. It took another dive in October of last year ahead of a December currency crisis that set off an inflationary increase.