ISTANBUL (Reuters) – Turkey’s consumer confidence index rose 4.6% to 79.1 points in January, official data showed on Monday, increasing again after a month with marked improvements in confidence for households and the economic situation.
The biggest rise in confidence was seen in the current financial situation of households, which rose 7.4% in January from a month earlier to 61.6 points.
The confidence in the general economic situation expectation for the next 12 months rose 7% to 82.7 points, the data showed.
A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism, according to the data from the Turkish Statistics Institute.
Confidence plunged in 2020 due to fallout from the COVID-19 pandemic before a brief rebound. It took another dive in October of 2021 ahead of a currency crisis that set off an inflationary spiral. The index touched a record low of 63.4 in June before beginning to recover.
(Reporting by Gdansk newsroom; Writing by Ali Kucukgocmen)
