Turkish economy: Total turnover up in February

ANKARA

The Turkish economy saw a 30.4% annual rise in total turnover in February, according to the latest official data released on Tuesday.

The industry and trade sectors posted an increase of 37.7% and 32.8%, respectively, year-on-year in February, the Turkish Statistical Institute (TurkStat) said.

The construction index registered an 18.7% increase annually, followed by the service sector with a rise of 11.3%.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 1% in February.

"Construction increased by 5.6%, trade increased by 1%, services increased by 3.5%, and industry decreased by 0.5% on monthly basis in February 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.