Turkish consumer confidence rebound more in August from record low

Turkish consumer confidence rebound more in August from record low

Aug 23 (Reuters) - Turkey's consumer confidence index rose by 6.1% to 72.2 points in August, official data showed on Tuesday, continuing a rebound from a record low of 63.4 in June even as surging inflation and a beleaguered lira weighed.

The biggest improvement in confidence was seen in expectations for the financial situation of households over the next 12 months, with that index rising 16.0% from a month earlier, the data showed.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.

Confidence had plunged in 2020 due to fallout from the COVID-19 pandemic before a brief rebound. It took another dive in October of last year ahead of a December currency crisis that set off an inflationary spiral.
Reporting by Canan Sevgili; Editing by Jonathan Spicer