Deterioration in Turkish consumer confidence continues in December

By bne IntelliNews December 30, 2014

Consumer confidence continued to fall in December, the statistics office TUIK said on December 30.The consumer confidence index declined 1.3% m/m to a four-year low of 67.7 in December. The index fell 2.4% m/m in the previous month.

Financial situation of households compared with the last 12 months deteriorated with the corresponding sub-index down 2.5% m/m but consumers’ general economic situation expectations for the next 12 months improved (1.4% m/m increase). The survey conducted jointly by TUIK and the Central Bank showed that consumers saw an improvement in the current general economic situation; the sub-index rose 0.5% m/m versus a 3.5% m/m decline in November. Financial situation expectations for the next 12 months also improved with the corresponding index rising 0.3% m/m in December after a 1.7% m/m decline a month ago.

The participants of the survey expect unemployment to increase over the next 12 months. The index measuring the probability of taking loans to finance consumption in the next three months dropped 10.7% m/m after a 7.7% m/m increase in November. The probability of saving over the next 12 months also fell 7% m/m that came on top of the 5.2% decline in the previous month. The probability of buying a car that was down 7.3% m/m in November dropped by another 12.5% m/m in December.

Consumer Confidence Sub-Indices        
  Dec-2013 Q3 Nov Dec
Consumer Confidence Index 75.0 74.0 68.7 67.7
Financial Situation Expectation of Household 92.4 91.2 88.6 88.8
General Economic Situation Expectation 101.9 102.1 90.5 91.8
Number of People Unemployed Expectation 81.8 78.7 70.8 67.3
The probability of saving 23.8 23.9 24.7 23.0
Source: tuik        
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