Turkish consumer confidence hits record low in April

Locals and foreign tourists shop at the Grand Bazaar in Istanbul, Turkey, October 21, 2021. REUTERS/Dilara Senkaya

ISTANBUL, April 21 (Reuters) – The Turkish consumer confidence index dropped 7.3% to 67.3 points in April, official data showed on Thursday, hitting its lowest ever level, driven by a 10% drop from the previous month in the financial situation of households.

A slide in the value of the 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 plunged in 2020 due to fallout from the COVID-19 pandemic before a rebound that began fizzling in October of last year.

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

Reporting by Daren Butler;
Editing by Jonathan Spicer

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