Turkey consumer confidence slumps to lowest in 3 years

Consumer confidence in Turkey slid to the lowest level in three years during September, figures provided by the Turkish Statistical Institute showed.

The confidence index dropped to 59.3 from 68.3 in August. That was the lowest level since September 2015, when the figure was 58.5. It was also the second worst reading since the aftermath of the 2008 global financial crisis.

Any reading below 100 indicates pessimism about the future.

Turkey’s lira has slumped about 40 percent against the dollar this year, inflation has accelerated to 17.9 percent and interest rates on loans have surged, cutting into spending power and employment opportunities.

Expectations among households for the general economic situation over the next 12 months dipped to 74.6 from 88.3 in August, the institute said. The outlook for employment and the financial situation of households also worsened.

Turkey consumer confidence
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