Turkish consumer confidence back on rise in May

By Mucahithan Avcioglu

ISTANBUL (AA) - Türkiye's consumer confidence in May reversed its downward leaning in the previous month, according to data released on Tuesday.

The consumer confidence index gained 1.1% from a month ago to 84.8 points in May, the Turkish Statistical Institute (TurkStat) said.

This followed a 2.3% monthly decrease in April, when the index was at 83.9 points.

The sub-index measuring households' current financial situation was unchanged in May from a month ago, while household financial situation expectations for the next 12 months rose 1.2%.

The index tracking spending on durable goods over the next 12 months saw a 3.3% increase in May month-on-month.

Meanwhile, the expectations for the general economic situation for the next 12 months fell 0.7% in the same period.

The consumer confidence index serves as a key indicator of the economy's overall health, capturing public sentiment regarding financial conditions, the broader economic outlook, and spending and saving intentions.