UPDATE - Turkish economy: Total turnover up 10.8 pct in December

UPDATES WITH DETAILS OF ECONOMIC ACTIVITIES

By Muhammed Ali Gurtas

ANKARA (AA) - Turkish economy's total turnover went up 10.8 percent year-on-year in December 2018, the statistical authority in the country reported on Friday.

"The calendar-adjusted turnover index in industry increased by 17 percent in December 2018 compared with the same month of the previous year," TurkStat said.

On the services side, the turnover index surged 15.1 percent over the same period.

The institute said that calendar-adjusted turnover indices in trade and construction went up 8 percent and 3 percent, respectively.

Official figures also revealed that Turkey's seasonally and calendar adjusted total turnover index -- shows monthly change -- decreased by 1.3 percent in December 2018.

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.

- Economic activities

Turnovers in the manufacturing industry and mining/quarrying sector -- sub-sectors of total industry -- rose by 16.6 percent and 30.7 percent, respectively.

In December 2018, the energy goods turnover index jumped 38.7 percent -- highest increase -- while the lowest growth was seen in turnover of intermediate goods with a 12.9-percent annual hike.

Turnovers in building construction and civil engineering activities surged 1.8 percent and 13 percent, respectively, as the construction of utility projects saw a 9.3-percent down on a yearly basis.

On the trade side, excluding the motor vehicles and motorcycles, each of the wholesale and retail trade turnover indices went up 9.6 percent.

Among all 33 sub-activities under the services sector, the highest turnover increase was recorded in employment activities with a 73.6-percent hike, and the biggest drop was seen in services to buildings and landscape activities, falling 30.1 percent.