Turkish economy: Total turnover up 14.8% in Nov

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish economy saw an annual increase in total turnover in November 2019, the country's statistical authority revealed Tuesday.

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

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

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

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

According to TurkStat, 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.