Turkish consumer confidence index declines in February
Date
2/22/2024 2:34:03 AM
(MENAFN) The latest official figures unveiled on Wednesday indicate a notable shift in Turkey's consumer confidence index, which registered a decrease of 1.3 percent from January to February, settling at 79.3. This downward trend permeated across all sub-indexes throughout February, with the general economic situation expectation exhibiting the most pronounced decline of 3.4 percent compared to January figures.
Within the context of household financial expectations, the outlook over the next 12 months experienced a decrease of 1.6 percent, reflecting a cautious sentiment regarding future economic prospects. Similarly, assessments regarding spending on durable goods over the same period saw a modest decline of 0.3 percent, indicating a restrained approach to consumption among households. Moreover, the overall financial situation of households also witnessed a slight downturn of 0.1 percent, contributing to the prevailing sense of economic unease.
The consumer confidence index, derived from monthly surveys, operates within a scale of 0-200, where indexes above 100 typically signify an optimistic outlook within the sector, while figures below 100 denote a more pessimistic sentiment among consumers. This recent decrease underscores a growing sense of uncertainty and prudence among consumers regarding economic prospects and financial stability in Turkey, highlighting the need for continued monitoring and potential interventions to bolster consumer confidence and stimulate economic activity.
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