Turkish economy: Total turnover jumps 20.2% in July

ISTANBUL

The Turkish economy posted a sharp rise in total turnover in July -- over 20% -- on a yearly basis, the country's statistical authority announced on Monday.

“Total turnover index including industry, construction, trade, and services sectors increased by 20.2% on annual basis in July 2020,” said the Turkish Statistical Institute (TurkStat).

The index saw the biggest change in the trade sector, up 32.9% year-on-year in July, the official figures showed.

The industry sector registered an annual rise of 20.2%, while construction and services indices increased by 14.9% and 12.5%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 11.7% in July.

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.