Turkish consumer confidence weakens in december

Turkeye’s consumer confidence index fell 1.3% to 75.6 points in December, official data showed on Tuesday, ending a five-month rising streak from a record low of 63.4 in June.

The biggest decline in confidence  was seen in the general economic situation expectation over the next 12 months as it plummeted 4% compared to a month ago.  The current financial situation of households also fell 1.5% in December from a month earlier to 57.4.

In November, the confidence figure was at a 14-month high of 76.6.

The index is a vital gauge of the economy’s overall performance, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism, according to the data from the Turkish Statistics Institute (TurkStat).