The statistics institute TUIK will release the consumer confidence data for January today (February 27).
TUIK’s consumer confidence index, which had dropped 3.2% m/m in December, fell 3.5% m/m to a fifteen-month low in January, led by deterioration in consumers’ assessments regarding general economic outlook in the next 12-month. A separate survey by private business channel CNBC-e showed consumer confidence fell 19.2% m/m to hit 71.26, the index’s lowest value since March 2009.
Given the on-going local and global uncertainties, the consumer confidence index may post yet another decline in February. The political turmoil, which intensified in February, also adds to concerns about the performance of the local economy. The European Commission this week slashed its Turkish GDP growth forecast for 2014 to 2.5% from a previous 3%.
Business confidence, however, surprisingly recovered in February. The Central Bank’s real sector confidence index rose to 104.6 in February from 101.4 in the previous month, after it persistently declined between October 2013 and January 2014.
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