Turkish consumer confidence soars in January

Downward trend in consumer confidence that began in August 2017 has ceased in January, according to official data

By Tuba Sahin

ANKARA (AA) - Confidence in the Turkish economy has soared in January, the Turkish Statistical Institute (TurkStat) reported on Tuesday.

The consumer confidence index jumped 11.1 percent in January, to 72.3, from 65.1 in December, according to the report.

Official data showed that the downward trend in consumer confidence that started in August 2017 ceased in January 2018.

The probability-of-saving index saw the largest improvement among sub-indices, suggesting more and more people expected to save money. The sub-index surged almost 50 percent to 26.2 points.

Attitudes over the general economic outlook rose 9.7 percent, jumping from 87.5 to 96.1 points in January month-on-month.

Meanwhile, the number of people unemployed expectation index, which is a gauge of the health of labor market, saw a 7.7 percent, or 5.4-point, advance.

In line with these increases, the financial situation expectation of household index also saw a rise of 7.3 percent, to reach 91.1 points.

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