Türkiye’s consumer confidence advanced further in May, official data showed Monday, continuing an upward trend ahead of elections this month.
The index rose 4.1% to 91.1 points in May, marking a 59-month high, according to the data by the Turkish Statistical Institute (TurkStat), citing a joint survey with the Central Bank of the Republic of Türkiye.
The marked increase followed a dip to 80.1 points in March and a 9.2% rise to 87.5 in April, the TurkStat data showed.
The May reading marks the highest level since 92.9 points, registered in July 2018.
Treasury and Finance Minister Nureddin Nebati said the index had increased by over 20% compared to the end of 2022.
"With the increase in consumer confidence, the wheels of our economy will continue to turn with even greater acceleration and investments will continue to increase along with it," Nebati wrote on Twitter.
The data showed an improvement in expectations for the general economy and households in the following 12-month period, which rose 5.7% and 4.7%, respectively.
The financial situation index of households at present rose 2.2% from a month earlier, while the assessment on spending money on durable goods over the next 12 months was up 3.1%.
The index is an important 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, according to the data from TurkStat.
