Turkey consumer confidence at 1-year high

Turkey's consumer confidence improved to its highest level in twelve months, figures from the consumer tendency survey carried out by TUIK (Turkish Statistical Institute) and the central bank showed on Friday.

The consumer confidence index rose by 5.3% to 76.2 points for the fourth consecutive month in October despite a continuing surge in inflation, continuing a rebound from a record low of 63.4 in June.

But the index was still low compared to 2020 levels.

Confidence plunged in 2020 due to fallout from the COVID-19 pandemic before a brief rebound. It took another dive in October of last year ahead of a December currency crisis that set off an inflationary spiral.

The biggest improvement in confidence in October was seen in the financial situation of households at present, which rose 8.4% from a month earlier, though it remained at the low level of 57.5 points.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism, according to the data from TUIK.