Turkish economy: Total turnover jumps 31% in October

ISTANBUL

The Turkish economy saw a 30.9% jump in total turnover in October on a yearly basis, the country's statistical authority announced Monday.

The index posted the biggest change in the industry sector, up 38.5% year-on-year in October, the Turkish Statistical Institute (TurkStat) figures showed.

The trade sector registered an annual rise of 34.6%, while the construction and services indices increased by 21.5% and 8.8%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 3.9% in October. The term "calendar-adjusted" is used to refer to data without calendar and holiday-originated effects.

"At the detail of the total turnover index; industry increased by 5.7%, construction increased by 1.3%, trade increased by 2.8%, and services increased by 5.1% on monthly basis in October 2020," it added.

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 in 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.