Consumers were less confident about their economic future in May, said the Turkish Statistical Institute (TurkStat) yesterday. According to a statement released by TurkStat, the consumer confidence index decreased by 1.6 percent from 65.35 to 64.29 in May compared to the previous month, which is the lowest it has been since March 2009. The results were calculated from the results of the Consumer Tendency Survey jointly conducted by TurkStat and the Central Bank of the Republic of Turkey (CBRT). The survey indicates an optimistic outlook when the index is above 100, but it signifies a pessimistic outlook when it drops below that number. However, consumers do not expect any significant changes in terms of their financial situation. The household financial situation expectation index increased from 86.16 in April to 86.18 in May. "Currency volatility, a high rate of interest and pre-election jitters all account for the decline," said Atilla Yeşilada, an economist with Global Source Partners in Istanbul. "We estimate that consumer spending is declining as well, to about 2 percent from about 2.5 percent in the previous quarter... These issues are ongoing, so we should not expect a recovery right after the elections and beyond."
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