Turkish consumers' confidence in the country's economy dropped in October, down 3.4 percent, month-on-month, Turkey's statistical authority said on Friday.
The consumer confidence index stands at 57.3 this month, versus 59.3 in September.
The index value is calculated through a collaboration between TurkStat and the Central Bank by measuring consumers' tendencies.
Consumers' assessments and expectations on nearly 20 economic and financial items are measured in monthly tendency surveys.
According to TurkStat, the consumer confidence index calculated from the survey results is evaluated on a range of 0-200, indicating an optimistic outlook when the index is above 100, and a pessimistic outlook when below.
This October, consumers' expectations for a worse general economic situation over the next 12 months rose, as the general economic situation expectation index is 73.5 — falling 4.1 percent from 96.3 in July.
The financial situation expectation of household index, showing consumers' expectations for the household financial situation over the coming 12 months, also fell 2.4 percent to reach 72.8 this month, signaling pessimism.
On the saving side, TurkStat reported that consumers' tendencies to save money for the next 12 months period increased, so last month's probability of saving index of 18.8 increased 2.3 percent to 19.2 in August.