Consumer confidence in Turkey fell by three percent in June, the country’s statistics authority said Friday, reflecting economic pessimism among Turks.
The Consumer Confidence Index (CCI) fell from 76 points in May to 73.7 points this month, a 2.3 point drop on the 0-200 scale of confidence, reported the Turkish Statistical Institute.
Expectations for the wider economy over the next 12 months fell by 3.9 percent – from 102.7 points in May to 98.7 points in June – again suggesting a degree of pessimism in the Turkish economy.
Unemployment is expected to rise, with the index falling by 0.5 per cent on last month’s figures to 81.2 points in June.
A score of more than 100 indicates economic optimism while a figure below 100 indicates a gloomy outlook.
The expectation for household income over the next 12 months was 90.9 points, a decrease of 2.4 percent compared to the previous month.
Consumers are also less confident of being able to save any money in the coming year, as the savings index dropped by 9.8 percent compared to May.
The CCI shows how confident consumers feel about the stability of their incomes and serves as one of the key indicators for the overall shape of the economy.