The consumer sentiment in Türkiye soared to a 23-month high in February, official figures released on Monday showed.
The consumer confidence index ticked up 4.3% from a month earlier to 82.5 in February, the Turkish Statistical Institute (TurkStat) said in a statement.
The subindices for the financial situation of households at present jumped 6.3% during the same period.
The financial situation expectation of households over the next 12 months and general economic situation expectation over the next 12 months gained 5.4% and 3.8%, respectively, from a month ago.
The index for the assessment of spending money on durable goods over the next 12 months increased by 2.5% in the month.
The statistical authority said the consumer tendency survey data was compiled before Feb. 6 and the results largely reflect the pre-earthquake situation in the county.
At least 41,020 people have been killed by two strong earthquakes that jolted southern Türkiye on Feb. 6, according to the latest official figures.
The magnitude 7.7 and 7.6 quakes were centered in Kahramanmaraş province and struck 10 other provinces – Adana, Adıyaman, Diyarbakır, Hatay, Gaziantep, Malatya, Kilis, Osmaniye, Elazığ, and Şanlıurfa.
The index is a vital gauge of the economy's overall performance, indicating people's sentiments on financial standing, the general economic situation, and expenditure and saving tendencies.
A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.
Confidence plunged in 2020 due to the fallout from COVID-19 before a brief rebound. It took another dive in October 2021 ahead of a steep currency depreciation that triggered an inflationary spiral.
The index reached a record low of 63.4 in June before recovering.