Total turnover jumps 9 percent in October

ISTANBUL-Anadolu Agency

Turkey's economy saw an annual rise in total turnover in October, the Turkish Statistical Institute (TÜİK) announced on Dec. 16.

TÜİK said calendar-adjusted total turnover index -- including industry, construction, trade and services sectors -- soared 9 percent year-on-year in October.

While the index jumped 17.7 percent in the trade sector in October on a yearly basis, it rose 12.2 percent and 2.9 percent in services and industry sectors, respectively.

Meanwhile, the index posted an annual drop in the construction sector with 19 percent in October.

On a monthly basis, seasonal and calendar-adjusted total turnover index rose 0.5 percent in October.

According to TÜİK'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 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.

The institute also noted that all the enterprises which give value-added tax declarations to the country's Revenue Administration are included in the turnover index calculation.