Turkey's total turnover jumps 45.1% y-o-y in July

ANKARA

The Turkish economy saw a 45.1% jump in total turnover in July on a yearly basis, the country's statistical authority announced Monday.

The index saw the biggest leap in the service sector, up 77.2% year-on-year in July, the Turkish Statistical Institute (TurkStat) figures showed.

The industry sector posted an annual rise of 54.9%, while the trade and construction indices climbed 33.8% and 26.5%, respectively.

On a monthly basis, the total turnover index including industry, construction, trade, and services sectors in July was 1.9%.

The construction and service sectors rose by 2.8% and 4.3% respectively, while industry and trade down by 1.8% and 4.2% respectively.

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 a 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.