Turkish economy: Total turnover up 13.6% in Feb.

By Gokhan Ergocun

ISTANBUL (AA) - Turkish economy posted an annual increase in total turnover in February, Turkey's statistics authority announced Tuesday.

"Calendar adjusted total turnover index including industry, construction, trade and services sectors increased by 13.6% in February 2019 compared with the same month of the previous year," TurkStat said.

While the index jumped by 20.6% in the industry sector, services and trade sectors followed with 20.2% and 13%, respectively, year-on-year in February.

Meanwhile, the construction sector's index dropped by 22% in the same period.

On a monthly basis, seasonally and calendar adjusted total turnover index increased by 1.3 percent in February.

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.