Turkiye's total turnover jumps 60.4% in November

ISTANBUL

The Turkish economy saw a 60.4% jump in the total turnover in November 2021 on a yearly basis, the country's statistical authority announced on Thursday.

The index saw the biggest change in the services sector, up 71.7%, the Turkish Statistical Institute (TurkStat) figures showed.

The industry sector posted an annual rise of 67.9%, while the trade and construction indices climbed 53.8% and 52.9%, respectively.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 11.8% in November. The term "calendar-adjusted" is used to refer to data without calendar or holiday-originating effects.

Breaking down the monthly rises, the turnover in “industry increased by 12.4%, construction increased by 6.7%, trade increased by 12.6% and services increased by 9.5%," TurkStat said.

According to TurkStat, 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 sales of goods and services invoiced by the enterprise in the reference month over time, to monitor the development on a quarterly and yearly basis," it said.

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