Turkey's consumer sentiment index fell for a third month in a row in October, data from national statistics office TUIK showed on October 23.
The confidence index declined by 2% m/m to 67.3 in the month, the lowest level since February, after registering a 3.4% m/m fall in August.
The TUIK survey for September underscored consumers’ more pessimistic expectations regarding the general economic outlook and the financial situation of households for the next 12 months. However, interestingly, majorities of consumers simultaneously believe that employment conditions will get better and that their probability of saving will increase in the coming period, according to TUIK’s survey.
The sub-index measuring consumer expectations as regards the likely rate of unemployment rose by a slight 0.6% m/m, following a 2.7% m/m decline in the previous month. A rise in the sub-index indicates that consumers expect the employment environment to deteriorate in the next 12 months.
Meanwhile, the sub-index measuring the general economic outlook was down 4.5% m/m in October coming on top of the 3.3% m/m increase registered in September.
Despite the significant deterioration in the headline index, the TUIK’s consumer confidence survey also showed that the sub-indices measuring the probabilities of buying a car and a house over the next 12 months jumped by 8.6% m/m and 12.9% m/m, respectively, in October.