Consumer confidence index increases in January

ANKARA – Anadolu Agency

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Turkey’s economic confidence index increased month-on-month in January, according to an official data released on Jan. 23.

The index was up by 5.6 percent to 66.9 compared to last month, the Turkish Statistical Institute (TÜİK) said in a report.      

The financial situation expectations of households index also increased by 2.9 percent reaching 87.9 since December.      

The probability of saving was significantly higher, advancing 34 percent from 16.7 in December to 22.4 in January, suggesting that more people feel optimistic about saving money in the coming months.      

The unemployment expectations index, a gauge of sentiment about the health of the labor market, also saw a decrease of 5.4 percent from the previous month to 68.9 points.      

January’s general economic situation expectations index also surged 3 percent from the previous month to 88.6 points.      

The economic confidence index is seen as a significant reading of the economic course as it is a composite index that aggregates sub-indices of consumer confidence, real sector services, retail trade and construction confidence indices, reflecting an overall sentiment of the health of the economy.