Consumer confidence in Turkey’s economy improved on a monthly basis in August, according to the country’s statistical institute, the Hürriyet Daily News reported.
The consumer confidence index reached 58.3 in August, up 3.1 percent from last month, the Turkish Statistical Institute (TurkStat) said in a statement on Thursday.
The index value is jointly calculated by TurkStat and the Central Bank of Turkey through measurement of consumer tendencies.
TurkStat data showed that all sub-indices improved on a monthly basis in August.
The savings probability index posted the highest rise, suggesting more people expected to save money. The sub-index jumped 13.1 percent to 22.7 this month.
The unemployment expectation index, a gauge of sentiment about the health of the labor market, saw an improvement of 4.8 percent from last month to 58.3.
Attitudes about the general economic outlook rose 1.2 percent as it increased from 73.4 points to 74.3 points for August.
The household financial expectation index showed the softest rise with 1.1 percent to 77.8 during the same period.
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.
Last year the consumer confidence index hovered at between 72.7 and 57.6 — the highest value in July and the lowest in October.
Source: Turkish Minute