Turkish economy sees total turnover rise in Oct.

By Tuba Sahin

ANKARA (AA) - Turkish economy's total turnover in October surged 26 percent annually, the country's statistical authority said on Monday.

October's figure was down 2.4 percent from the previous month, the Turkish Statistical Institute (TurkStat) said in a statement.

The calendar adjusted turnover index in industry posted the largest increase in October with 38.2 percent compared to the same period last year.

It was followed by services sector which saw a rise of 34.1 percent during the same period.

TurkStat noted that the indices in the construction and trade sectors went up 23.5 percent and 16.3 percent year-on-year, respectively.

The institute defines the turnover as 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," TurkStat said.

All the enterprises which give value-added tax declarations to the country's Revenue Administration are included in the turnover index calculation, the institution added.