Consumer confidence index in Turkiye drops 6.5% in June

The index is calculated from the results of the consumer tendency survey conducted by the Turkish Statistical Institute and the Central Bank of the Republic of Turkiye.

Various sub-indices contribute to the overall consumer confidence index, including the assessment of households' current financial situation. In June, this sub-index declined from 70.6 to 69.1, marking a -2.2 per cent change. This followed a 2.2 per cent increase from the month prior.

Expectations regarding households' financial situations over the forthcoming 12 months also saw a downturn. The index for this measure dropped from 94.0 in May to 85.8 in June, which amounts to a decline of -8.8 per cent. This shift was observed after a rise of 4.7 per cent was recorded in May, Turkish Statistical Institute said in a press release.

On a broader scale, the general economic expectations for the next year also took a hit. The index for this measure declined from 100.5 in May to 92.7 in June, a decrease of -7.8 per cent. The drop followed a notable increase of 5.7 per cent that was observed in the previous month.

Lastly, the sub-index reflecting the assessment of spending on durable goods over the next 12 months saw a decrease as well. From May's 99.1, the index fell to 93.0 in June, registering a -6.2 per cent change. This was in stark contrast to the increase of 3.1 per cent that was observed in May.

Fibre2Fashion News Desk (KD)