Turkey's consumer confidence index declined by 0.3% m/m to the level of 70 in August after rising 1.9% m/m in the previous month, data from national statistics office TUIK showed on August 23.
The decline in the index reflected consumers’ pessimistic views on the labour market conditions in the next 12-months even though the sentiment regarding the general economic outlook improved in the month.
The latest survey showed that the sub-index measuring consumers’ expectations regarding the number of unemployed people declined by 2.5% m/m in August, following a 5.2% m/m improvement a month ago. The decline in the sub-index shows that consumers expect unemployment conditions to deteriorate.
Turkey’s unemployment rate eased to 10.2% in May to 3.22mn people from 10.5% in April, according to the latest available data.
The sub-index measuring consumers’ expectations regarding the general economic situation over the next 12 months that fell by 1.6% m/m in July increased by 2.3% m/m in August.
The probability of buying a car over the next 12 months plunged as much as 19.1% m/m in August, following a sharp 21% m/m rise in July, the consumer tendency survey also showed. Consumers also seemed to be less keen on purchasing a car as the related sub-index declined by 20.2 % m/m in the month, after a 11.9% m/m 43% rise in July.