Turkey's total turnover jumps 63.1% in June

ISTANBUL

The Turkish economy saw a 63.1% jump in total turnover in June on a yearly basis, the country's statistical authority announced Thursday.

The index saw the biggest leap in the industry sector, up 78.2% year-on-year in June, the Turkish Statistical Institute (TurkStat) figures showed.

The service sector registered an annual rise of 74.8%, while the trade and construction indices climbed 55.5% and 29.7%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index in the same month was up 9.5%. The term "calendar-adjusted" is used to refer to data without calendar or holiday-originating effects.

Breaking down the monthly rises, TurkStat added that turnover in “industry increased by 6.2%, construction increased by 1.9%, trade increased by 12.2% and services increased by 11.9%."

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.