Total turnover index including industry, construction, trade, and services sectors climbed 38.9% on annual basis
Turkey’s turnover index soared 38.9% in November over the same month in 2019, the statistical authority announced on Wednesday.
The index saw the biggest change in the industry and trade sector, up 46.2% and 44.6%, respectively, year-on-year in November, TurkStat figures showed.
The construction index saw a 16.6% annual rise, while the services sector posted an increase of 16%.
On a monthly basis, the seasonally- and calendar-adjusted total turnover index was up 5.4% in November.
Broken down by sector, turnover in “industry increased by 5.5%, trade increased by 7%, services increased by 3% and construction decreased by 2.5% on a monthly basis in November 2020,” it added.
According to TurkStat,turnover is an important short-term indicator used to assess the country’s economic situation.
Turnover indices are made up 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 to the country’s revenue administration are included in the turnover index calculation.