Turkish consumer confidence edges down in October

Consumer confidence in Turkey edged down in October compared with the previous month, the Turkish Statistical Institute said, citing a monthly survey in conjunction with the central bank.

Seasonally adjusted confidence among consumers fell to 81.9 this month from 82 in September, the institute said on its website on Monday. It had stood at 78.5 in October 2019.

Any reading below 100 reflects pessimism.

Turkey’s government is seeking to boost consumer purchasing power to help the economy recover from a steep downturn caused by a currency crisis in 2018 and the COVID-19 pandemic. The measures have included tax cuts, delaying the repayment of debt and requiring employers to put workers on short-working weeks or unpaid leave instead of firing them.

The outlook among households for the general economic situation in the country worsened to 81.4 in October from 83.3 in September, the institute said. Consumers’ propensity to buy consumer goods over the next 12 months rose to 97.4 from 93.8.

A sub index reflecting the present financial situation of households fell to 69.4 in October from 71.8 last month. Expectations among consumers for their financial position over the next 12 months improved to 79.5 from 79.1, the institute said.

Consumer confidence in Turkey stood at 78.8 in October 2018, shortly after the currency crisis struck.