Turkish consumer sentiment falls sharply in August to three-year low

The Turkish consumer sentiment index dropped sharply in August to three-year low. According to the Turkish Statistical Institute and Central Bank of the Republic of Turkey report, the consumer confidence index dropped 13.2 percent sequentially to 59.3 in September from August’s 68.3.

The financial situation expectation of household index dropped 10.4 percent to 76.7 in September. The fall was mainly driven by the rise of consumers expecting a worse financial situation of household in the coming 12 months period.

The general economic situation expectation index fell 15.5 percent sequentially to 74.6 in September. The fall was due to decrease of consumers expecting a better general economic situation in the next 12 months compared to the prior month.

The number of people unemployed expectation index dropped 9.3 percent sequentially to 67.2 in September. The decline stemmed from the fall of people expecting a decrease in the number of unemployed persons in the next 12 months.

The probability of saving index dropped 25.9 percent sequentially 25.9 percent to 18.8 in September. This decrease was driven by fall in consumers who expressed probability of saving for the next 12 months period.