Global retail trade sector to reach $30T in 3 years

ISTANBUL

The global retail trade sector's size, which reached $25 trillion in 2019, is expected to reach $30 trillion in three years, according to audit and consultancy firm KPMG Turkey's report, released on Thursday.

The report Sectoral Overview 2020 - Retail Trade showed that the sector reached 1.1 trillion Turkish liras ($193 billion) in 2019.

Emrah Akin, a sector leader in KPMG Turkey, said the sector contracted in the first three quarters of 2019 by 5.3%, 3.9% and 1%, respectively, in Turkey.

The report also showed that the ratio of people using online channels for shopping reached 34% in Turkey last year, up from 29.2% in 2018.

Preliminary figures, which promise a more positive Turkish economy in 2020, are signaling the retail trade sector's size will increase this year, the report noted.