Consumer confidence index drops 5.9% month-on-month in July, official data shows
Turkish consumer sentiment weakened for the second consecutive month in July, according to data released on Thursday.
The consumer confidence index fell 5.9% month-on-month to 80.1 in July, the Turkish Statistical Institute (TurkStat) data showed.
Sub-indices for general economic situation expectations over the next 12 months plunged 11.3%,while financial situation expectations of households over the next 12 months dove 7.7%.
The index for the present financial situation of households fell 6.6% in July from the month prior.
On the other hand, assessments on spending for durable goods over the next 12 months rose 1.5%.
The index is a vital gauge of the economy’s overall performance, indicating public sentiments on financial standing and the general economic situation, along with spending and saving tendencies.