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Consumer confidence edges up to 86.58 in May
The Turkish Statistics Institute (TurkStat) released its monthly consumer behavior report for May yesterday. According to the report, which was prepared in cooperation with the Central Bank of Turkey, the consumer confidence index rose by 0.91 percent from April to May. The index reached its highest point since February 2008, when it was 87.60. The index, the primary indicator of economic performance, has been recovering since last November, when it hit its lowest level of 78.38. When the index is above 100, consumers’ outlook is considered optimistic; when it is equal to 100, it is neither optimistic nor pessimistic; and when it is below 100, consumer outlook is pessimistic.
The report attributed the increase in the consumer confidence index to improvements in consumer assessments concerning their purchasing power in the current and coming period, the general economic outlook and job opportunities in the next quarter.
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