Turkish economy: Total turnover up 21% in Dec

– Turnover indices post y-o-y increase in all sectors — services, industry, trade and construction — in December

By Gokhan Ergocun

ISTANBUL (AA) – The Turkish economy saw an annual increase of 21% in total turnover in December 2019, according to official figures released Thursday.

The turnover index saw the biggest rise in the trade sector, up 26.9% on a yearly basis, said the Turkish Statistical Institute (TurkStat).

The services sector also registered a year-on-year rise of 22.3% as did industry with 16.8% and construction 8.1%.

On a monthly basis, the seasonally and calendar-adjusted total turnover index rose by 4% in December.

According to the institute, 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.