Turkey consumer confidence index down in December

Consumer confidence was down by 3.3 percent in December 2013 in Turkey, results of a survey showed. The consumer confidence index compiled by TurkStat and the Turkish Central Bank was down 2.5 points in December from 77.5 points from a month earlier. CCI is an indicator designed to measure consumer confidence, which is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. The index has a range from 0 to 200. If the index gets a value greater than 100, this implies that the rate of optimists is more than the rate of pessimists. Similarly, if the index gets a value less than 100, the rate of pessimists is more than the rate of optimists. The index of probability of saving in the next 12 months shrank from 23.9 points in November to 23.8 points in December, decreasing by 0.3 percent compared to the previous month. The index of general economic situation expectation in the next 12 months declined from 107.3 points in November to 101.9 points in December with a drop of 5 percent. The index of jobless expectation in the next 12 months, which was 85.9 points in November, decreased by 4.8% and dropped to 81.8 points in December. The drop signifies that more people had a positive outlook on prospects of finding a job. The index of household financial situation expectation in the next 12 month period decreased by 0.5 percent compared to the previous month down at 92.4 points in December.