Turkish consumer confidence drops to all-time low in April
A seller talks to clients at the Egyptian bazaar in Istanbul, Turkey, April, 2022. (AP Photo)


The consumer confidence index in Turkey dropped to its lowest ever level in April, official data showed on Thursday, driven by a steep fall in the financial situation of households

The index dropped 7.3% to 67.3 points this month, the Turkish Statistical Institute (TurkStat) said, down from 72.5 in March.

A slide in the Turkish lira began driving a fall in consumer confidence late last year but there was a small rebound to 72.5 points in March, shrugging off the impact of the conflict in Ukraine.

Confidence had declined in 2020 due to fallout from the COVID-19 pandemic before a rebound that began fizzling in October of last year.

The index is a vital gauge of the economy's overall situation, indicating people's sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

All sub-indices posted a decrease with the financial situation of household, at present, slipping the most at 9.8%.

The index for assessment of spending money on durable goods over the next 12 months also went down by 4.9% to 88.8.

The financial situation expectation of households over the next 12 months diminished by 8.5% to 49.1, while the general economic situation expectation index went down by 7.2% to 67.3.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.