Total turnover up 5.2% in March in Turkish economy

ANKARA- Anadolu Agency

The Turkish economy posted an annual rise in total turnover in March, the country's statistical authority announced on May 14. 

"Total turnover index including industry, construction, trade, and services sectors increased by 5.2% on annual basis in March 2020," said the Turkish Statistical Institute (TÜİK).

The index saw the biggest change in the trade sector, up 11.5% on a yearly basis, official figures showed.

The industry also registered a year-on-year rise of 5.2%, while construction and services dropped 21.4% and 2.2%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index fell 9% in March.

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 a 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.