Turkish economy: Total turnover soars in January

ISTANBUL

The Turkish economy saw a 30.2% annual rise in total turnover in January, according to the latest data released on Friday.

The industry and trade sectors posted an increase of 40.5% and 33.2%, respectively, year-on-year in January, the Turkish Statistical Institute (TurkStat) said.

The services sector registered an annual increase of 8.2%, followed by a 3.7% rise in the construction index.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 2.1% in January.

"Industry increased by 1.7%, construction increased by 8.6%, trade increased by 2.4%, and services decreased by 0.2% on a monthly basis in January 2021," the authority said.

According to TurkStat, turnover is an important short-term indicator used to assess the country's economic situation.

Turnover indices are made up of sales of goods and services invoiced by enterprises in the reference month over a certain period to monitor developments on a quarterly and yearly basis, it said.

All enterprises that declare their value-added tax to the Turkish Revenue Administration are included in the turnover index calculation.