Turkey's consumer confidence down in November

ANKARA

Turkey's consumer confidence posted a decline in November compared to last month, the country’s statistical authority announced on Nov. 22.

The index is a vital gauge of the economy’s overall, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

The consumer confidence index was 71.1 this month, down from 76.8 in October, the Turkish Statistical Institute (TÜİK) said in a statement.

All sub-indices deteriorated in the month with the financial situation expectation worsening the most.

The financial situation expectation index over the next 12-month period dropped 8.8% month-on-month to 68.9 in November.

The general economic situation expectation index fell 8.1% to 68.2 this month, while the index for the financial situation of household dropped 7.5% to 56.1.

"Assessment on spending money on durable goods index over next 12 months compared to the past 12 months period which was 96.6 in October decreased by 5.4% and became 91.4 in November," it said.

The consumer confidence index is calculated from survey results and evaluated within a range of 0-200, indicating an optimistic outlook when the index is above 100 and a pessimistic one when it is below.