Türkiye’s consumer confidence index stands at 68 in August

Economic morale in Türkiye in August weakened when compared to the prior month, according to official data released on Wednesday.

The consumer confidence index declined by 15.1% on a monthly basis in August, reaching 68, according to the data by the Turkish Statistical Institute (TurkStat), citing a joint survey with the Central Bank of the Republic of Türkiye (CBRT).

The index of household financial condition decreased from 64.5% to 56.2% month-over-month in August, a decrease of 12.9%.

The financial situation expectation index of the household in the next 12-month period, which was 79.2% in July plunged by 7.7% this month to 63.7%, as per data.

Meanwhile, the index of assessment on spending money on durable goods over the next 12 months dropped to 89 in August from 94.4 measured in July.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism for the overall economic situation, according to the data from TurkStat.