UPDATE - Turkey: Consumer confidence up 4.3% in June

UPDATES WITH MORE DETAILS

By Muhammed Ali Gurtas

ANKARA (AA) - Turkish consumers' confidence in the economy surged 4.3% in June, the country's statistical authority announced Thursday.

The consumer confidence index stood at 57.6 this month, up from 55.3 in May, the Turkish Statistical Institute (TurkStat) said.

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

In 2018, the index value hovered between 72.7 and 57.6 -- the highest being in July and the lowest in October.

On nearly 20 economic and financial criteria, consumers’ assessments and expectations for the next 12 months are measured in monthly tendency surveys.

The index is calculated from the survey results on a range of 0-200, with above 100 indicating an optimistic outlook, and below 100 a pessimistic outlook.

In June, the index for general economic situation expectations stood at 73.9, surging 5.4% from 70.1 in May.

"The financial situation expectation of household index, which was 73.9 in May, increased by 5.9% and became 78.3 in June," TurkStat said.

Consumers' tendency to save money for the next 12-month period climbed 6.1% to 22 in June versus 20.8 in May.

"The number of people unemployed expectation index remained at the same level in June as 56.3," the institute added.

The country's statistical authority will release the next survey results on July 23.