Turkish consumer confidence up in October

Türkiye's consumer confidence soared 5.3% month-on-month in October, according to the latest official figures released on Friday.

The consumer confidence index increased to 76.2 this month, up from 72.4 in September, data from the Turkish Statistical Institute (TurkStat) showed.

The index is a vital gauge of the economy's overall situation, indicating consumer sentiments on financial standings and the general state of the economy, along with expenditure and saving tendencies.

All sub-indices posted increases in the month, while the financial situation of households, at present, went up 8.4% to 57.5.

Meanwhile, the index for the assessment of spending money on durable goods over the next 12 months rose 2.3% to 93.1.

The general economic situation expectation index increased 5.3% to 77.9, while the financial situation expectation of households over the next 12 months was up 6.7% to 76.2.

The consumer confidence index is calculated from survey results and evaluated within a range of 0-200, indicating an optimistic outlook when the reading is above 100 and a pessimistic one when it is below.