World Economy

Turkey CCI Rebounds

Turkey CCI ReboundsTurkey CCI Rebounds

Turkish consumer confidence rebounded to a 19-month high in November, official data showed on Friday, after an election restored the AK Party’s single-party rule and eased political uncertainty which had unnerved investors for months, Reuters reported. The index jumped to 77.15 from 62.78 in October, the Turkish Statistics Institute said, hitting its highest level since April 2014. It still shows a pessimistic outlook, however, with only a level above 100 indicating optimism. In September, the index hit a 6-1/2 year low on concerns that the Nov. 1 vote would lead to a coalition government, prolonging uncertainty after an inconclusive June election. Investor attention has now turned to the make-up of a new cabinet. Erdogan has repeatedly called for lower interest rates to boost investment and economic growth, which at around 3% is well below the levels sought to cut rising unemployment. Friday’s data showed there was a particularly sharp rise in the index of expectations for the general economic situation, up nearly 31% from October to 105.9 in November.