Local Turkey

Turkish economy: Total turnover jumps 38.9% in November

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.

Source
Anadolu Agency

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