Probability of Saving Index Reached Highest in Its History!

Probability of Saving Index Reached Highest in Its History! The probability of saving index reached its highest level in history. When the trends of consumers in the next 12 months are analyzed, the probability of saving index rose to 30.4 in October, breaking a record for the first time since 2012, when the series began to be announced. Turkish Statistical Institute (TURKSTAT), with its monthly Consumer Tendency Survey, citizens' financial situation and the general economy in the country about the assessment, future expectations, measures spending and savings trends. According to the news compiled by the AA correspondent based on the data announced by TURKSTAT, the confidence index reached 81.9 in October. When the expectations of the consumers about the coming months were examined, it was seen that the probability of saving has increased regularly for 4 months. In the next 12 months, the saving probability index was at 21.2 in March, when the first case of the domestic coronavirus epidemic was reported. The index, which recovered from this level, rose to 30.4 in October, taking its highest value since 2012. The highest level of the index in 2019 was recorded in December at 23.8. Its highest level in 2018 was 26.1 in April. The index increased by 33.3 percent on an annual basis and 21 percent on a monthly basis in October 2020.   The biggest factor in the rise of the index is the epidemic Başkent University Faculty of Economics and Administrative Sciences Department of Business Administration Dr. Faculty Member Ayşegül Ak evaluated the change in the probability of saving index. Stating that the general economic situation expectation index decreased in October, Ak said that this was due to the negativities in the course of the coronavirus epidemic. Pointing out that risks such as increased uncertainty in supply and demand conditions and loss of workforce come to the fore, Ak said: "The probability of saving index was over 30 for the first time. The demand postponed due to the global epidemic was the main factor in the formation of this situation. The mandatory measures taken against the epidemic and the changes in the consumption patterns of people are effective in the delay of the demand. This situation caused the disappearance of some expenditure items within their income. We can say that this non-consumable income increases the possibility of turning towards saving for some income groups.”