Turkey's total turnover surges 15.4 percent in November

The Turkish economy saw an annual rise in the total turnover in November, the Turkish Statistical Institute (TurkStat) said Tuesday.

The calendar adjusted total turnover index including industry, construction, trade and services sectors surged by 15.4 percent year-on-year in November, TurkStat said in a statement.

However, November's figure went down 4.6 percent on a monthly basis.

The calendar adjusted turnover index in industry posted the largest increase in November, up 23.2 percent compared to the same period in 2017. Indices in services and trade sectors followed with 22.7 percent and 11.6 percent, respectively.

The data showed that the calendar adjusted turnover index in construction decreased by 1.1 percent in November 2018, compared with the same month of the previous year.

The statistical 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.