Turkish economic system: Whole turnover up 16.2 pct in Jan

ISTANBUL

Turkish economy’s total turnover saw an increase in January, the statistical authority of the country said on Friday.

“Calendar adjusted total turnover index including industry, construction, trade and services sectors increased by 16.2 percent in January 2019 compared with the same month of the previous year,” Turkish Statistical Institute (TurkStat) said.

While the index jumped by 26.6 percent in the construction sector year-on-year in January, industry (19.7 percent), services (19.6) and trade (11.3) followed it.

Official figures also showed that Turkey’s seasonally and calendar adjusted total turnover index — shows monthly change — increased by 1.9 percent in the first month of 2019.

According to TurkStat’s definition, 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 the sales of goods and services invoiced by the enterprise in the reference month over time, to monitor developments on a quarterly and yearly basis,” it said.

All the enterprises which give value-added tax declarations to the country’s Revenue Administration are included in the turnover index calculation.

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