Turkish CCI Edges Up in April

Turkish consumer confidence index rose in April compared with the previous month, the Turkish Statistical Institute said on Friday. Confidence among consumers increased to 71.9 this month from 71.3 in March, the agency in Ankara said in its monthly survey, Aval reported. The reading was 71.3 in April 2017. The level of confidence increased due to improved expectations for employment and saving. Consumers’ confidence in their financial situation and the general economic environment declined, according to the survey. Turkey’s government, which has called snap elections for June 24, is seeking to stimulate domestic demand and economic growth by introducing incentives such as loan guarantees for companies and project-based investment incentives. It also says it is considering measures to spur house purchases and lower interest rates, which have reached 20% on some consumer loans. President Recep Tayyip Erdogan said elections will be held on June 24, far earlier than previously expected, saying uncertainty over Turkey’s neighbor Syria, and macroeconomic imbalances, were a reason not to delay the vote originally scheduled for November 2019.