Growth rates in retail sales and turnover slow

ANKARA

The pace of annual growth in retail sales and the combined turnover of in four key industries slowed in August compared with July, the official data have shown.

Retail sales volume at constant prices rose by 17.2 percent in August from a year ago, after increasing nearly 32 percent in the previous month, TÜİK said on Oct. 11.

On a monthly basis, retail sales plunged 4.7 percent, comparing unfavorably with the 3 percent rise recorded in July.

Non-food sales were up 24.2 percent year-on-year, while food, drink and tobacco products increased by 15.3 percent from August last year.

Sales of textile and electronic goods rose by 5.6 percent and 21.6 percent, respectively.

Orders by mail and online orders showed an annual increase of 44 percent, according to the data from TÜİK. Mail and online orders, however, fell 2.7 percent in August from the previous month.

In the retail industry, turnover at constant prices rose by 87.3 percent in August from the same month of 2022, slowing from the 94 percent year-on-year increase in July.

Turnover in retail increased 4.5 percent in the month compared with the previous month, declining sharply from the 12 percent month-on-month increase in July.

In August, consumer confidence plunged 15 percent. But consumer morale improved in the following month with the confidence index rising by 5 percent in September.

Turnover in key sectors

Separate data from TÜİK also released on Oct. 11 showed that the year-on-year increase in the combined turnover of the industry, construction, trade and services sectors lost momentum.

The annual increase in turnover slowed from 77.7 percent in July to 69 percent in August.

In industry, turnover rose by 56 percent from August last year, while the year-on-year increase in the construction sector was more than 106 percent.

In the trade and services sectors, turnover leaped 76 percent and 65.4 percent, respectively.

The accommodation and food industry registered an annual increase of 90.6 percent in turnover. In the information and communications sector, the year-on-year increase was more than 85 percent.

The combined turnover of industry, construction, trade and services rose by 2.3 percent month-on-month in August, which was also slower than the 11.5 percent increase recorded in July.