Turkey: Consumer confidence down in December

By Gokhan Ergocun

ISTANBUL (AA) - Turkish consumers' confidence index fell in December compared to the previous month, according to official data released on Friday.

The index posted a decline of 2.3 percent to reach 58.2 in December, down from 59.6 points in November, a Turkish Statistical Institute's (TurkStat) report revealed.

All sub-indices of the main index, except the probability of saving index, saw slumps in the month.

The number of people unemployed anticipation index -- a gauge of sentiment about the health of the labor market -- registered the biggest fall with 3.9 percent to reach 60.9.

The financial situation expectations of households index was the second-worst performer, down 2.9 percent to 75.3.

The general economic situation expectations index also dropped by 1.7 percent to reach 76.

The probability of saving index -- indicating people’s expectation of earning enough money to save -- was the only one that saw an increase, rising 2.4 percent to reach 20.6.

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.