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Turkish consumer confidence index slightly drops in August

Staff Writer |
Turkey's consumer confidence index saw a slight decline month-on-month in August, according to Turkish Statistical Institute (TurkStat) data.

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The index decreased by 0.3 percent to 71.1 in August from 71.3 in July, TurkStat said.

The consumer confidence index is seen as a vital gauge of the overall health of the economy, indicating people's sentiments about spending their money, which in turn gives clues about economic vitality.

According to the new data, among all sub-indices of the main index, Turkey's general economic situation index was the best performer, increasing by 2.3 percent to 97.9 in August, up from 95.7 in July.

However, the probability of saving index – indicating people's expectation of earning enough money to save – showed a sharpest decline, decreasing by four percent to 22.4 in August from 23.3 in July.

The number of people unemployed expectation index – a gauge of sentiment about the health of the labor market – also decreased by 2.6 percent to 72.4 in August.

The financial situation expectation of household index remained same in the month, standing at 91.9 in August.

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