Turkish consumer confidence index rises 2.1 percent in May

Published 18.05.2017 11:51
Updated 18.05.2017 11:56

Turkey's consumer confidence index was higher month-on-month in May, according to official data released Thursday.

The index rose 2.1 percent to 72.8 in May from 71.3 in April, the Turkish Statistical Institute (TurkStat) said in a report.

All sub-indices, including the financial situation, general economic situation, and number of people unemployed expectation indices, were higher, while the probability of savings index -- indicating people's expectation of earning enough money to save -- dropped 6.9 percent to 23.3 points in May from 25.1 in April.

"The general economic situation expectations index, which was 96.2 in April, rose 4.5 percent to 100.6 in May. This increase shows that the number of consumers expecting a better general economic situation in the next 12 months increased compared to the previous month," the institute said.

The unemployment expectations index, a gauge of sentiment about the health of the labor market, saw a rise of 3 percent to 75.3 points in May.

The financial situation expectations of households index also climbed 1.4 percent from April to reach 92 points, suggesting that more people were expecting a better financial situation in the upcoming year.

The consumer confidence index is seen as a vital gauge of the overall health of the economy, indicating people's sentiments about spending their money, which in turn gives clues about economic vitality.

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