Total turnover up 14.8 pct in November

ANKARA-Anadolu Agency

The Turkish economy saw an annual increase in total turnover in November 2019, the country's statistical authority revealed on Jan. 14.

"Total turnover index including industry, construction, trade, and services sectors increased by 14.8 percent on annual basis in November 2019," said the Turkish Statistical Institute (TÜİK).

The index saw the biggest change in the trade sector, up 20.1 percent on a yearly basis, official figures showed.

The services also registered a year-on-year rise of 14.9 percent as did industry with 10.1 percent and construction 2.6 percent.

On a monthly basis, the seasonally and calendar-adjusted total turnover index increased by 0.3 percent in November.

According to TÜİK, 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.