Turkish economy sees total turnover up 12.5% in May

By Aysu Bicer

ANKARA (AA) - The Turkish economy's total turnover saw a monthly increase of 12.5% in May, the nation's statistical institute reported on Monday.

Total turnover index included industry, construction, trade, and services sectors.

"At the detail of the total turnover index; industry increased by 15.7%, construction increased by 8.3%, trade increased by 14.3% and services increased by 2.2% on monthly basis in May," the Turkish Statistical Institute (TurkStat) said.

Meanwhile, the official report also revealed that Turkey's total turnover index -- shows annual change -- diminished by 12.1% in May.

"At the detail of the total turnover index; industry decreased by 14.8%, construction decreased by 11.0%, trade decreased by 6.2% and services decreased by 24.8% annually," it noted.

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.