Turkey’s consumer confidence slips in May

ANKARA

Confidence in the Turkish economy has dropped in May, official data has shown. 

The consumer confidence index slipped 2.8 percent month-on-month to 69.9 in May, data from the Turkish Statistical Institute (TÜİK) showed.

All sub-indices decreased on a monthly basis in May, according to the TÜİK data.

The probability-of-saving index saw the largest decline, suggesting less people expected to save money. The sub-index dropped 5 percent to 26.8 this month.

Attitudes over the general economic outlook fell 4.2 percent, month-on-month, down from 94.7 to 90.8 in May.

Turkey’s financial situation expectation of household index also saw a monthly decrease of 1.3 percent, at 89 in May.

However, the number of people unemployed expectation index, which is a gauge of the health of the labor market, was down 2.2 to stand at 72.9 in the month.

The index is calculated from the results of the consumer tendency survey carried out in cooperation with the TÜİK and the Turkish Central Bank.

It indicates an optimistic outlook when the index is above 100 and a pessimistic outlook when it is below 100.