Data from the Turkish Statistical Institute (TurkStat) showed that the Turkish economy’s total turnover increased by 12.5% month-on-month in May. However, the total turnover index fell 12.1% year-on-year in May.
The total turnover index measures sales of goods and services invoiced by companies in the industrial, construction, trade, and services sectors, during the reference month for a specified period. TurkStat included all companies that declare their VAT payments to Turkey’s Revenue Administration. The index can be used as a short-term indicator to assess the country’s economic health.
From the latest survey, the total turnover index for the industrial sector posted a monthly gain of 15.7% followed by the trade sector (14.3%), the construction sector (8.3%), and the service sector (2.2%). On a year-on-year basis, the total turnover index for the service sector saw the steepest fall of 24.8%, followed by the industrial sector (14.8%), the construction sector (11.0%), and the trade sector (6.2%).
