Turkish consumer confidence drops to all-time low in April

April 21, 2022 admin-dominor

The consumer confidence index in Turkey dropped to its lowest ever level in April, official data showed on Thursday, driven by a steep fall in the financial situation of households

The index dropped 7.3% to 67.3 points this month, the Turkish Statistical Institute (TurkStat) said, down from 72.5 in March.

A slide in the Turkish lira began driving a fall in consumer confidence late last year but there was a small rebound to 72.5 points in March, shrugging off the impact of the conflict in Ukraine.

Confidence had declined in 2020 due to fallout from the COVID-19 pandemic before a rebound that began fizzling in October of last year.

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

All sub-indices posted a decrease with the financial situation of household, at present, slipping the most at 9.8%.

The index for assessment of spending money on durable goods over the next 12 months also went down by 4.9% to 88.8.

The financial situation expectation of households over the next 12 months diminished by 8.5% to 49.1, while the general economic situation expectation index went down by 7.2% to 67.3.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.