Turkey's consumer confidence up 5.2% in November

Turkish consumers' confidence in the economy increased for a second month in a row in November, according to the nation's statistical authority on Thursday.

The index hit 59.9 this month, a 5.2% gain from October following a 2.1% rise last month, the Turkish Statistical Institute (TurkStat) said.

The figure was 57 last month, up from 55.8 previous month.

The probability-of-saving index gained 0.5%, reaching 23 this month.

The number of people unemployed expectation index, a gauge of sentiment about the health of the labor market, saw an improvement of 3.6% from last month to 58.8.

Attitudes on the general economic outlook rose 6.9% as it increased from 73.4 points in October to 78.5 points for November.

The financial expectations of the household index also showed a rise of 6.1% to reach 79.3 points during the same period.

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 in the days to come.

Last year, the consumer confidence index hovered between 72.7 and 57.6 – showing the highest value in July and the lowest in October.

The index value is jointly calculated by TurkStat and the Central Bank of the Republic of Turkey (CBRT) through the measurement of consumer tendencies.