Consumer confidence rose to its highest in seven months in May, up to 72.8 points from 71.3 points a month earlier, official data showed on May 18.
However, this still reflects a pessimistic outlook and would need to rise above 100 to reflect optimism.
The consumer confidence index is calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistics Institute (TÜİK) and the Central Bank.
All sub-indices, including the indices on financial situation, general economic situation, and the expectation for the number of people unemployed, were higher in May. However, the probability of savings index, indicating people’s expectation that they will earn enough money to save, dropped by 6.9 percent to 23.3 points in May from 25.1 in April.
“The general economic situation expectations index, which was 96.2 in April, rose 4.5 percent to 100.6 in May. This increase shows that the number of consumers expecting a better general economic situation in the next 12 months increased compared to the previous month,” TÜİK stated.
The unemployment expectations index saw a rise of 3 percent to 75.3 points in May. This increase stemmed from the fall in the number of people expecting an increase in the number of unemployed people over the next 12 months.
The household financial situation expectations index also climbed 1.4 percent from April to reach 92 points, suggesting that more people were expecting a better financial situation in the upcoming 12-month period.