Turkish consumers’ mood down in May

ANKARA

DHA Photo

Turkish consumers lost confidence in the economy in May after a brief recovery in their sentiments during March and April, a survey has shown.

The Consumer Confidence Index dropped by 3.1 percent to 76 points in May, compared to the previous month, as calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute (TÜİK) and the Turkish Central Bank.

The index, which had plummeted to a four-year low in February totaling 69.2 points, recorded a leap in April by rising to 78.5 points.

The index shows that confidence in the general economy for the next 12 months has remarkably fallen by 4.1 percent, but remained above the 100 points’ threshold and became 102.7 points, indicating a persistence of optimism.

The indices range between 0 and 200 points, with 100 points being a neutral outlook, above that point, optimistic, and below, pessimistic.

The probability of savings index for the next 12 months also decreased by 4.4 percent and dropped to 81.6 percent, while the financial expectation for household income in the next 12 months has dropped by 1.4 percent.