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Turkey’s April consumer confidence nose dives

The severe drop of course stems from the coronavirus related lockdowns and its economic shock felt especially on the unemployment side. Thus, looking forward, even if President Erdogan wants to see Turkey back on normalization trend after the Ramadan, the pandemic related social distancing is likely to prevail until the very end of 2020. Thus the confidence and spending will remain low fueled by the weak Turkish lira.

Turkey’s April consumer confidence nose dives

Turkey’s consumer confidence slid to a record low to 54.9 points in April from 58.2 in March, posting 5.8% mon drop as announced by the Turkish Statistical Institute Wednesday. Turkey’s consumer confidence index has been consistently weak since the August 2018 currency crisis.  Any reading below 100 reflects pessimism among households.

The outlook for household finances over the next 12 months slumped to 72.5 points from 78.6, by 7.8% the data showed. Expectations for employment dropped to 53.8 from 57.6 (-6.7%9. A sub-index measuring the probability of saving fell to 18.4 from 21.2 by a sizeable 13.1%.

The severe drop of course stems from the coronavirus related lockdowns and its economic shock felt especially on the unemployment side.  Thus, looking forward, even if President Erdogan wants to see Turkey back on normalization trend after the Ramadan, the pandemic related social distancing is likely to prevail until the very end of 2020. Thus the confidence and spending will remain low fueled by the weak Turkish lira.

 

 

 

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