consumer confidence in Turkey fell 2.8% in February, the Turkish Statistical Institute (TurkStat) announced on Friday.
The consumer confidence index slipped to 71.2 points, data showed, but remained higher one record low level it touched in December to cause of a slip in the value of the Turkish lira.
The trust had declined in 2020 due to the fallout from the COVID-19 pandemic before a rebound that began to fizzle in October of last year.
In January, consumer confidence increased by 6.2% to 73.2 pointsdata from the Turkish Statistical Institute shows. It stood at 68.9 in December.
The index is a vital indicator of the economy’s globalindicating people’s feelings on financial standing up and general economic situation, along with with spending and saving trends.
A level of trust below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.
All sub-indices fell in February, with most grand drop seen in the financial waiting for the situation of households over the next 12 months, which fell 4.2% to 68.3.
the general the economic outlook index fell 3.8% to 71.7 in February, while the index for Evaluation on expenses money on durable goods index over the next 12 months fell 1.7% to 89.4.
the financial situation of households at the current index saw a decline of 1.6% to 55.2.
