Turkey's economy saw an annual hike in total turnover in August, the Turkish Statistical Institute announced on Tuesday. Calendar adjusted total turn
Turkey’s economy saw an annual hike in total turnover in August, the Turkish Statistical Institute announced on Tuesday.
Calendar adjusted total turnover index — including industry, construction, trade and services sectors — rose 2.8% year-on-year in August, TurkStat noted.
The index jumped 10.1% in the services sector in August on a yearly basis while trade sector posted a rise of 6%, according to the official figures.
Meanwhile, construction and industry sectors saw drops with 18% and 0.1%, respectively, over the same period.
On a monthly basis, seasonal and calendar adjusted total turnover index fell 1.6% in August.
According to TurkStat’s definition, 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.
The institute also noted that all the enterprises which give value-added tax declarations to the country’s Revenue Administration are included in the turnover index calculation.