Turkish consumer confidence rises for second consecutive month in November.

By bne IntelliNews November 28, 2013

The consumer confidence index, which had increased 4.8% m/m in October, rose 2.6% m/m in November, the statistics institute TUIK said on Thursday.

The rise in the index was supported by consumers’ positive assessments regarding general economic outlook in the next 12-month period, and financial situation. Consumers do not expect improvement in labour market conditions.

The index measuring the probability of savings in the next 12 months dropped 1.8% m/m after rising 20.9% m/m in October. The index for probability of buying a house was up 2.3% m/m in November but this was lower than the 5% m/m increase reported a month ago.

The index measuring the probability of buying a car in the next 12 months rose only 0.1% m/m in November after it jumped 20.3% m/m in October.

This week, the banking watchdog BDDK announced that it prepared draft legislations to introduce limits on credit card instalments and consumer loans. These measures may curb private spending which accounted for 65.5% of GDP in Q2. Households’ final consumption rose 5.3% y/y in Q2, after growing 3.1% y/y in Q1.

According to new regulations, credit card instalments for electronics, jewellery, telecommunications, and car rental will be limited to six months while it will not be possible to buy food and oil products by instalments. Card instalments for white goods and furniture will also be limited to 12 months. Maturities of consumer loans (excluding mortgages) and car loans will be limited to 36 months and 48 months, respectively.

Related Articles

Four Turkish companies reportedly consider IPOs in London or Istanbul

Turkey’s Enerjisa, Memorial Health Group, Tab Gida and Baskent Gaz are considering public offerings in London or Istanbul, unnamed sources told Bloomberg on July 19. Enerjisa, a 50:50 JV ... more

Turkey bars entry to thousands from more than 140 nations over suspected IS ties

Turkey has arrested and deported thousands of people suspected of having links to the Islamic State group according to a Turkish interior ministry report entitled “Turkey’s Fight ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Dismiss