The Turkish economy’s total turnover saw an annual rise of 14.4% in May, according to a report released by the country’s statistical authority on...

The Turkish economy’s total turnover saw an annual rise of 14.4% in May, according to a report released by the country’s statistical authority on Wednesday. 

TurkStat said turnover in industry surged 20.9% during the same period.

On the services side, the turnover index rose 22.8%, and the figure in trade increased 14.1%, year-on-year.

However, the construction sector’s turnover dropped 20.7% on a yearly basis in the same month.

The official report also revealed that Turkey’s seasonally and calendar-adjusted total turnover index — shows monthly change — increased by 1.1% in May.

According to TurkStat’s definition, turnover is an important short-term indicator used to assess the country’s economic situation.

Turnover indices are composed of sales of goods and services invoiced by enterprises in the reference month over a certain period, to monitor developments on a quarterly and yearly basis.

All enterprises that declare their value-added tax payments to the country’s Revenue Administration are included in the turnover index calculation.

By Muhammed Ali Gurtas

No comments so far.

Be first to leave comment below.

Your email address will not be published.