Consumer sentiment in Turkey fell again in March, dropping by 1.3% m/m to 72.3 on the index. That is the lowest level recorded since December. It follows the slight decline of 0.1% m/m to 72.25 in February, data from national statistics office TUIK showed on March 20.
In December, the consumer confidence index hit 65.1, its lowest level in 2017. But the index jumped by 11% m/m in January to 72.3, the highest level recorded since May last year.
The big driver behind the six-year high of 11.1% y/y GDP growth in Q3 was final consumption expenditure by resident households, which grew 11.7% from a year earlier.
The OECD is forecasting that private final consumption growth in Turkey will decline to 3% in 2017 from 4.1% in 2016.
Turkey's revised calendar-adjusted retail sales volume index rose by 10.7% y/y in January, the highest annual growth recorded since last August. TUIK has changed the base year for the retail sales index calculation to 2015.