Türkiye's consumer morale at 14-month high in November

By Tuba Sahin

ANKARA (AA) – Turkish consumer morale hit a 14-month high in November, according to latest offical figures released on Tuesday.

The consumer confidence index rose to 76.6 this month, up 0.6% from 76.2 in October, the Turkish Statistical Institute (TurkStat) said in a statement.

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

November’s increase was driven by the sub-indices for general economic situation expectation over the next 12 months and financial situation of household at present which gained 3.4% and 1.5%, respectively, from a month ago.

On the other hand, the index for the assessment of spending money on durable goods over the next 12 months fell 1.2% and the financial situation expectation of households over the next 12 months decreased 0.5% in November.

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.