Turkish consumer confidence jumps 11% m/m in January

Turkish consumer confidence jumps 11% m/m in January
By bne IntelliNews January 24, 2018

Consumer sentiment in Turkey jumped by 11% m/m in January to 72.3, the highest level recorded since May last year, after declining for the previous five months in a row, data from national statistics office TUIK showed on January 23.

In December, the consumer confidence index hit 65.1, its lowest level in 2017.

The sub-index measuring consumers’ expectations regarding the general economic outlook for the next 12 months increased by 9.7% m/m in January after rising 0.5% m/m in the previous month while the sub-index for the probability of saving, which was down 2.9% m/m in December, jumped by 49.7% m/m.

Turkey's calendar-adjusted retail sales volume index rose by 4.1% y/y last November having posted annual growth of 2.4% in October.

"The sharp pick-up in Turkish GDP growth in Q3, to a six-year high of 11.1% y/y, flattered by comparison with Q3 of last year, when output was disrupted by the coup attempt. The annual rate of growth is likely to slow sharply in the coming quarters,” Capital Economics said last month, commenting on the latest GDP data release.

The big driver behind Q3 growth was final consumption expenditure by resident households, which grew 11.7% from a year earlier. 

However, there has been some doubt expressed by analysts as to the reliability of the official figures in Turkey.