Turkey: Consumer confidence up in October

ANKARA

Turkey's consumer confidence index stood at 57 in October on a monthly basis, an official data revealed on Wednesday.

The figure posted an increase of 2.1% in October, from 55.8 in September, the Turkish Statistical Authority (TurkStat) said.

"The financial situation expectation of household index in the next 12 months period, which was 74 in September, increased by 1.1% and became 74.8 in October," cited the data.

As for general economic situation expectation index, it became 73.4, a 3.4 increase compared to the last month.

"The number of people unemployed expectation index (next 12 months period) which was 55.3 in September increased by 2.7% and became 56.8 in the month," TurkStat noted.

Also it said, the probability of saving index, which was 22.8 in September, increased by 0.2% and became 22.84 in October.

The index value is jointly calculated by TurkStat and the Central Bank through measurement of consumer tendencies.

The consumer confidence index is seen as a vital gauge of the overall health of the economy, indicating people's sentiments about spending their money, which in turn gives clues about economic vitality.