Consumer mood continues to improve

ANKARA

Consumer sentiment rose for a fourth consecutive month in December, the survey carried out jointly by the Central Bank and the Turkish Statistical Institute (TÜİK) has shown.

The consumer confidence index advanced 2.6 percent month-on-month after rising 1.1 percent in November to touch 77.4 points.

Any index figure above 100 indicates optimism among consumers.

The sub-index measuring households’ expectations about their financial situation over the next 12 months was up by 2.1 percent this month, which followed the 2.6 percent increase in November.

The month-on-month increase in the index of households’ current financial situation accelerated from 2.7 percent to 3.4 percent.

The index of consumers’ expectations about the general economic situation over the next 12 months rose sharply by 3.3 percent after inching up 0.6 percent in the previous month.

Consumer consumption was one of the main drivers of economic growth in the third quarter of 2023, when the GDP expansion accelerated from 3.9 percent in the second quarter to 5.9 percent.

In the third quarter, final consumption expenditures of households increased by 11.2 percent compared with the same period of 2022.