Turkish consumer confidence retreats to 70 points in June

ANKARA

Turkey’s consumer confidence index decreased 3.8 percent in June compared to the previous month, regressing to 70, official data showed on June 22. 

The current level of confidence reflects a pessimistic outlook and would need to rise above 100 to indicate optimism. The level reached in May was the highest in seven months. 

All sub-indices of the main index were lower with the number of people unemployed expectation index, a gauge of sentiment about the health of the labor market, showing the sharpest decline, down 6.1 percent to hit 70.7 in June from 75.3 in May.        

The probability of saving index, indicating people’s expectation of earning enough money to save, was the second-worst performer, slipping by 5.5 percent to 22.1 compared to last month.        

Turkey’s general economic situation index was down 3.3 percent and stood at 97.3 in June.        

The financial situation expectation index was the least-hit figure in the month, decreasing 2.2 percent to reach 90 in June.        

The consumer confidence index was calculated with the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute (TÜİK) and the Turkish Central Bank.  

The index is seen as a vital gauge of the overall health of the economy, which indicates people’s sentiments about spending their money.