Seasonally adjusted consumer confidence index announced by TURKSTAT decreased by 1.3% in December compared to the previous month; The index, which was 76.6 in November, decreased to 75.6 in December.
The decline in TGE, which has been on an upward trend since June 2022, is observed to be eroded purchasing power. The 1.5% monthly decline in the current period perception is accompanied by a 4.0% deterioration in the economic situation expectations for the next 12 months. Consumer confidence tends to decline especially in times of severe depreciation in TL in Turkey. Although TL/dollar is stable around 18.63 this time, we observe that high inflation and deterioration in credit conditions have dragged down consumer confidence.
Seasonally adjusted consumer confidence index, December 2022
Seasonally adjusted consumer confidence index, sub-indices and rates of change, December 2022