The Turkish consumer confidence index declined by 1.6% in August, the country’s statistical institute announced on Monday.
The reading, jointly calculated by the Turkish Statistical Institute (TurkStat) and the Central Bank of the Republic of Turkey (CBRT) through the measurement of consumer tendencies, fell 78.2 points in August from 79.5 a month earlier.
The measure is less than one point above the level it slipped to in May, when the index hit its lowest point since September 2020 following a lockdown to curb COVID-19 cases. Confidence plunged last year as measures to combat the pandemic hit the economy.
The index is calculated from survey results and evaluated within the range of 0-200. A level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.
The financial situation expectation of households index fell by 5.8% to 61.3, suggesting that fewer people are expecting a better financial situation in the next 12 months.
The general economic situation expectation index in the next 12 months also decreased by 9.6% to 75.3 in August, from 83.2 in July.
However, the assessment on spending money on durable goods index for the next year rose by 0.7% to reach 97.7. It was 97 in July.
The monthly survey measures consumers' assessments and expectations on financial standing and general economic situation, as well as their expenditure and saving tendencies.
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