Consumer confidence in Turkish economy slightly rises

ANKARA-Anadolu Agency

Consumer confidence in the Turkish economy slightly nudged up in January, the Turkish Statistical Institute (TÜİK) announced on Jan. 23.

January figure rose 0.1 percent month-on-month to 58.82, TÜİK said in a statement.

The financial situation expectation of household reading showed the highest rise, up 2.3 percent during the same period.

It was followed by the general economic situation index which went up 1.1 percent from last month.

But the probability of saving index -- indicating people's expectation of earning enough money to save -- deteriorated the most, slipping 9.1 percent on a monthly basis in January.

The number of people unemployed anticipation index also fell 0.5 percent as people are more pessimistic about finding jobs.

The index value is jointly calculated by TÜİK and the Central Bank through the measurement of consumer tendencies.

The consumer confidence index is seen as a vital gauge of the overall health of the economy, indicating people's sentiments about spending their money, which in turn gives clues about economic vitality.