Turkish consumer confidence rises to highest level since 2018 crisis

Consumer confidence in Turkey rose to 84.5 points in February, the highest level since August 2018, when a currency crisis sent the economy into a tailspin.

The benchmark index of confidence increased from 83.3 points in January, the Turkish Statistical Institute said on Thursday. Any reading below 100 points reflects pessimism.

The expectations of householders about the general economic situation in Turkey over the next 12 months increased to 91.7 points this month from 88.2 in January. The financial situation of households compared to the past 12 months improved to 66.3 points from 63.7, the institute said.

A gauge measuring the propensity of consumers to spend money on durable goods over the next 12 months compared with the last 12 months dropped to 95.5 points from 97.3 points.