Consumer confidence in Turkey rose for the fifth month to 76.6 in November

Official data showed on Tuesday that Turkey’s consumer confidence index rose 0.6 percent to 76.6 points in November, continuing its recovery from a record low of 63.4 in June, despite continued high inflation.

The biggest improvement was in confidence in the expectations of the general economic situation during the next twelve months, which increased by 3.4 percent from the previous month, to reach 80.5 points.

A decline in the level of confidence to less than 100 points reflects a pessimistic view, while a rise in the level above 100 points reflects optimism, according to data from the Turkish Statistical Institute.

Consumer confidence fell in 2020 due to the repercussions of the Covid-19 pandemic, before a brief recovery. Then there was another drop in October last year before a currency crisis in December that led to an inflationary spiral.