Turkey’s consumer confidence index sees an all-time low in November

* Photo: Cihan Demirci / Anadolu Agency (AA)

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The Turkish Statistical Institute (TurkStat) shared the consumer confidence index for November 2021 today (November 22). According to the Institute, the consumer confidence index stood at 71.1 percent this month.

Seasonally adjusted consumer confidence index calculated from the results of the consumer tendency survey carried out by the TurkStat and the Central Bank dropped by 7.3 percent in November compared to October.

That is, while the consumer confidence index became 71.1 in November, it was 76.8 in October. This is also the lowest rate that has been recorded since 2004, when TurkStat started keeping the index.

The financial situation of the household index at present compared to the past 12 months period, which was 60.7 in October 2021, decreased by 7.5 percent and became 56.1 in November 2021. The financial situation expectation of the household index in the next 12 months period, which was 75.6 in October, decreased by 8.8 percent and became 68.9 in November.

The general economic situation expectation index in the next 12 months period, which was 74.2 in October, decreased by 8.1 percent and became 68.2 in November. Assessment on spending money on durable goods index over next 12 months compared to the past 12 months period, which was 96.6 in October, decreased by 5.4 percent and became 91.4 in November.

About consumer confidence index

In monthly consumer tendency surveys, consumers' assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook.

Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa. The increase in the number of people unemployed expectation index indicates decrease of number of people unemployed expectation, whereas decrease indicates increase of number of people unemployed expectation. (HA/SD)