Turkish consumer confidence recovers slightly in February

By bne IntelliNews February 19, 2015

The consumer confidence index rose to 68.1 in February from a four-year low of 67.7 in January, the statistics institute TUIK said on February 19.

The index measuring households’ current financial situation compared to the last 12 months rose by 0.6% m/m after falling 1.5% m/m in the previous month. The index measuring expectations on the financial situations over the next 12 months fell by 1.2% m/m versus a 1.1% m/m decline in January.

The participants of the TUIK’s monthly sentiment survey appeared more optimistic about job prospects and this was one the factors behind the increase in the headline confidence index. The index measuring households’ assessments of the current general economic situation rose 1% m/m in January after dropping 3% m/m in the previous month, but the index measuring the general economic outlook expectations in the next 12 months was down 0.7% m/m that came on top of the 0.3% m/m decline recorded in January.

The probability of saving over the next 12 months rose 5.5% m/m in February after rising 2.9% m/m in the previous month while the index measuring the probability of buying a car rose 4.1% m/m versus a 12% m/m increase. The probability of buying home showed a strong 10.7% m/m increase after falling 1.9% m/m in January.

According to the latest growth data of TUIK, households’ final consumption, which corresponded to 65.3% of GDP, rose only 0.2% y/y in the third quarter of 2014, after advancing 3.3% y/y in Q1 and rising 0.5% y/y in Q2.

Consumer Confidence Sub-Indices          
  Dec-13 Nov Dec-14 Jan Feb
Consumer Confidence Index 75.0 68.7 67.7 67.7 68.1
Financial Situation Expectation of Household 92.4 88.6 88.8 87.8 86.8
General Economic Situation Expectation 101.9 90.5 91.8 91.5 90.9
Number of People Unemployed Expectation 81.8 70.8 67.3 67.8 69.6
The probability of saving 23.8 24.7 23.0 23.7 25.0
Source: tuik          

Related Articles

Turkey to refuse extradition of all suspects to US unless Washington hands over Gulen says Erdogan

Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more

EU governments reportedly agree to cut Turkey’s pre-accession funds

EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more