Turkey: Consumer confidence plummets in September
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, declined from 68.3 in August to 59.3 in September, the lowest reading since September 2015. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among Turkish households.
September’s steep fall was driven by consumers’ more pessimistic views regarding their ability to save, the labor market, general economic conditions and their personal financial conditions. The reading comes after the lira plunged in August, stoking price pressures and generating severe economic uncertainty.