Consumer confidence in Turkey has shown a positive trajectory, according to the latest data released by the Turkish Statistical Institute on Monday. The consumer confidence index increased by 1.4 points in April, reaching 80.5, up from 79.4 in March. This marks the second consecutive month of growth in 2024, signaling a gradual return of optimism among Turkish consumers.
The index, which measures the economic sentiment of households, reflects an uptick in confidence despite being below the 100-point mark that distinguishes between a pessimistic and an optimistic outlook. A score below 100 indicates a pessimistic outlook, while a score above 100 suggests consumer optimism.
This improvement comes after a challenging period last year, where the index experienced a significant dip. From June to August, the consumer confidence index fell to its annual low of 68, largely due to economic pressures and market uncertainties. However, since last fall, there has been a noticeable recovery in consumer sentiment.
The increase in the consumer confidence index is a critical indicator of potential economic recovery, as it suggests that consumers may be more likely to increase spending, which can stimulate economic growth. This data is particularly significant as Turkey continues to navigate through various economic challenges, including inflation and currency volatility.