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Turkish economy’s total turnover improved June

Turkish economy’s total turnover improved June

The Turkish economy’s total turnover improved year-on-year in June with the backing of industry, trade and construction sectors, the country’s statistical institute said on Friday.

“Total turnover index including industry, construction, trade, and services sectors increased by 10.4% on annual basis in June 2020,” the Turkish Statistical Institute (TurkStat) said in a statement.

The index jumped by 29.2% in the construction sector. The trade and industry sectors followed with 19.3% and 8.7%, respectively, in the month.

Slashed by the coronavirus pandemic, the services sector’s index dropped by 18.3% in the same period.

The report also revealed that Turkey’s total turnover index in June climbed 19.5% from May.

According to TurkStat’s definition, turnover is an important short-term indicator used to assess the country’s economic situation.

Turnover indices are composed of sales of goods and services invoiced by enterprises in the reference month over a certain period, to monitor developments on a quarterly and yearly basis.

All enterprises that declare their value-added tax payments to the country’s Revenue Administration are included in the turnover index calculation.