Turkish economy: Total turnover up 12.3% in June

By Aysu Bicer and Tuba Sahin

ANKARA (AA) - Turkey's economy saw an annual hike of 12.3% in total turnover in June, the country's statistical authority said Monday.

According to the Turkish Statistical Institute (TurkStat), the index value in services climbed 22.4% year-on-year in the month.

The turnover indexes in trade and industry also went up by 15.1% and 13.9%, respectively, during the same period.

However, the calendar adjusted turnover index in construction decreased by 26.8% in June compared with the same month last year.

TurkStat data also revealed that Turkey's seasonally and calendar adjusted total turnover index -- shows monthly change -- decreased by 1.5% in June.

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.

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