Total turnover in Turkish economy soars by 23.5% in Aug

ISTANBUL

The Turkish economy saw a jump in total turnover in August -- over 23.5% -- on a yearly basis, the country's statistical authority announced Tuesday.

The index detected the biggest change in the trade sector, up 32.8% year-on-year in August, TurkStat figures showed.

The industry sector registered an annual rise of 29.4%, while the construction index increased by 5.8%, and only the services sector posted a drop with 5.2%.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 3% in August.

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.