Turkey: Consumer confidence index increases in January

ANKARA (AA) – The economic confidence index in Turkey was higher month-on-month in January according to official data released on Monday.

The index was up 5.6 percent to 66.9 compared to last month, the Turkish Statistical Institute said in a report.

The financial situation expectations of households index also increased by 2.9 percent to reach 87.9 compared to December.

The probability of saving was significantly higher, advancing 34 percent from 16.7 in December to 22.4 in January, suggesting that more people feel optimistic about being able to save money in the coming months.

The unemployment expectations index, a gauge of sentiment about the health of the labor market, also saw a decrease of 5.4 percent from the previous month to 68.9 points.

January’s general economic situation expectations index also surged 3 percent from the previous month to 88.6 points.

The Economic Confidence Index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of health of the economy.