Turkey's total turnover soars 48.1% in August

ISTANBUL

The Turkish economy saw a 48.1% jump in the total turnover in August on a yearly basis, the country's statistical authority announced Tuesday.

The index saw the biggest change in the services sector, up 66.9% year-on-year in August, the Turkish Statistical Institute (TurkStat) figures showed.

The industry sector posted an annual rise of 56.7%, while the trade and construction indices climbed 39.1% and 36.8%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index in the same month was up 4%. The term "calendar-adjusted" is used to refer to data without calendar or holiday-originating effects.

Breaking down the monthly rises, TurkStat added that the turnover in “industry increased by 5.5%, construction increased by 0.5%, trade increased by 3.9% and services increased by 2.1%."

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

"Turnover indices are calculated to follow the changes of this concept, which is composed of sales of goods and services invoiced by the enterprise in the reference month over time, to monitor the development on a quarterly and yearly basis," it said.

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