Turkey: Total turnover jumps 9% in October

ISTANBUL

Turkey's economy saw an annual rise in total turnover in October, the Turkish Statistical Institute announced on Monday.

TurkStat said calendar-adjusted total turnover index -- including industry, construction, trade and services sectors -- soared 9% year-on-year in October.

While the index jumped 17.7% in the trade sector in October on a yearly basis, it rose 12.2% and 2.9% in services and industry sectors, respectively.

Meanwhile, the index posted an annual drop in the construction sector with 19% in October.

On a monthly basis, seasonal and calendar-adjusted total turnover index rose 0.5% in October.

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.