Turkish consumer confidence dips in November

Consumer confidence in Turkey dropped this month as the outlook worsened for household finances and the economy.

Confidence fell to 80.1 points in November from 81.9 points in October, the Turkish Statistical Institute said on its website on Friday. It had stood at 81.3 points in November last year.

Any reading below 100 points reflects pessimism among consumers.

Turkey is faced with a second wave of COVID-19 infections, which has prompted the government to introduce tighter restrictions on business opening hours and population movements. Meanwhile, the central bank has hiked interest rates in response to a slump in the value of the lira, rendering borrowing more expensive.

Confidence among householders for their financial situation compared to the last 12 months dropped to 66.6 points from 69.4 points in October, the statistical institute said.

Expectations for the general economic situation over the next 12 months decreased to 78.7 points in November from 81.4 points the previous month. A gauge for spending on durable goods also declined, the institute said.