Turkish consumer confidence slips in October

By Tuba Sahin

ANKARA (AA) – The Turkish consumer confidence weakened in October compared to last month, according to the country’s statistical authority on Thursday.

The index is a vital gauge of the economy’s overall, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

The consumer confidence index was 76.8 this month, a decline of 3.6% from September, TurkStat said in a statement.

All sub-indices deteriorated in the month with the general economic situation expectation worsening the most.

The general economic situation expectation index in the next 12 months period dropped 6.4% month-on-month to 74.2 in October.

The financial situation expectation index fell 4.4% to 75.6 in October, while the index for the financial situation of the household went down by 3% to 60.7.

"Assessment on spending money on durable goods index over next 12 months compared to the past 12 months period which was 97.7 in September decreased by 1.1% and became 96.6 in October," it said.

The consumer confidence index is calculated from survey results and evaluated within a range of 0-200, indicating an optimistic outlook when the index is above 100 and a pessimistic one when it is below.​​​​​​​