Turkish consumer confidence up from record low – official figures

Turkish consumer confidence climbed to 57.6 points in June, after dropping to its lowest level since records began 15 years ago, the Turkish Statistical Institute said on its website on Thursday. 

Any reading for the index below 100 indicates pessimism about the future.

The index of confidence increased from 55.3 points in May, indicating an improvement in expectations for economic recovery.

A sub-index on the probability of saving increased to 22 points in June from 20.8 points in May, while the unemployed expectation index remained at the same level in June at 56.3 points.

The economy grew 1.3 percent in the three months to March after plunging into a technical recession with two-straight quarters of negative quarter-on-quarter growth following a currency crisis that sent the lira to record lows in August. The government has since sought to stimulate an economic revival with tax cuts and cheap loans from state-run banks.