Consumer morale dips to 6-year low

Turkeyand’s consumer confidence index fell by 1.6 points in May down to 64.29 percentage points, the worst recording over the past six years, according to the Turkish Statistics Institute (TurkStat).
A ranking below 100 points indicates that consumers have a pessimistic outlook on consumer confidence. The probability of saving index — consumersand’ expectation of savings increases in the coming year — decreased 11.6 percent to 19.79 in May from 22.37 in April, TurkStat said on Thursday.
There was also higher concern about employment by consumers the unemployed personsand’ expectation index decreased by 1.6 percent to 65.70 in May from 66.75 in April.
The general economic situation expectation index also declined by 0.7 percent to 85.50 in May from 86.12 in April.
andquotCurrency volatility, a high rate of interest and pre-election jitters all account for the decline,andquot commented Atilla Yeiilada, an economist with Global Source Partners in Istanbul.
andquotWe estimate that consumer spending is declining as well, to about 2 percent from about 2.5 percent in the previous quarter. These issues are ongoing, so we should not expect a recovery right through the elections and beyond,andquot he said.

SOURCE: Today’s Zaman