(MENAFN) According to data released on Thursday by the Turkish Statistical Institute (TurkStat), Turkey’s consumer sentiment remained largely stable at 80.51 in May, marking the highest level since June 2023. The consumer confidence index showed a marginal increase of 0.1 percent compared to the previous month.

Sub-indices reflecting expectations for the general economic situation over the next 12 months and the current financial status of households experienced slight upticks of 0.2 percent and 0.4 percent, respectively, from the preceding month. This suggests a cautious optimism among consumers regarding both the future economic outlook and their present financial well-being.

However, assessments concerning spending intentions for durable goods over the next 12 months declined by 0.3 percent month-on-month in May. Despite the overall stability in consumer sentiment, this decrease in spending expectations for durable goods indicates a degree of cautiousness or restraint among consumers regarding major purchases in the near future.

On a more positive note, the index measuring expectations for the financial situation of households over the next 12 months remained unchanged compared to April. This suggests that while there may be fluctuations in short-term spending intentions, consumers maintain a relatively steady outlook regarding their future financial prospects.

Overall, the consumer sentiment index serves as a crucial indicator of the broader economic landscape, offering insights into public perceptions of financial stability, economic conditions, and spending and saving behaviors. It provides valuable information for policymakers and economists in assessing the health of the economy and making informed decisions regarding monetary and fiscal policies.

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