Turkish economy: Total turnover soars some 50% in March

ISTANBUL

The Turkish economy saw a 49.9% jump in total turnover in March on a yearly basis, the country's statistical authority announced Tuesday.

The index posted the most significant change in the industry sector, up 53.5% year-on-year in March, the Turkish Statistical Institute (TurkStat) figures showed.

The trade sector registered an annual rise of 52.5%, while the services and construction indices increased by 39.9% and 27.7%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 5.3% in the same month. 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%, trade increased by 5.6%, services increased by 7.2% and construction decreased by 4.2% on monthly basis in March 2021," 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 on 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.