Turkey: Consumer confidence index slips in December

ANKARA (AA) – Turkey’s consumer confidence index fell in December from the previous month according to the Turkish Statistical Institute report released Wednesday.

The index slipped from 68.93 points in November to 63.38 points in December, down 5.55 points or 8 percent, the report said.

The financial situation expectations of households index was 85.4 compared to 89.01 last month, down 4.1 percent.

The probability of saving was significantly lower, slipping 17.9 percent from 20.33 in November to 16.68 in December, suggesting that more people feel pessimistic about being able to save money in the coming months.

The unemployment expectations index, a gauge of sentiment about the health of the labor market, also saw a decline of 8.3 percent from the previous month to 65.42 points.

December’s general economic situation expectations index also fell 9.5 percent from the previous month to 86.02 points.

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.