Turkey’s consumer confidence index fell to its lowest level in three months, slumping to 66.6 from last month’s 71.6, according to data from the Turkish Statistical Institute.
Consumer confidence fell by 7% in February, marking the third consecutive monthly fall and the worst level of confidence since October last year, when the index hit 62.8.
After hovering around the low sixties for much of last year, the index jumped from 62.8 to 77.1 in November, following the AK party’s victory in the general election, with the resultant majority government being interpreted by many as a signifier of economic stability to come.
Since then, downward pressure on the lira, rising inflation and a spike in unemployment have all been reflected in a worsening of consumer confidence.
The survey sub-indices also saw decreases, across the board. The financial situation expectation index fell by over 3%, to 66.6, while the general economic expectation index fell by nearly 6%, to 90.
Worse still was unemployment expectation index, which fell 10.1% to 66.2, and the probability of saving index, which fell by more than 16%, to 21.1.