Turkish economy's total turnover up 12.6% in July

Turkey's economy saw an annual hike in total turnover in July, the nation's statistics authority announced Monday.

"Calendar adjusted total turnover index including industry, construction, trade and services sectors increased by 12.6% in July 2019 compared with the same month of the previous year," Turkish Statistical Institute (TurkStat) said.

The index jumped most with 23% in the services sector in July year-on-year, according to the official figures.

Industry, trade and construction sectors also posted increase by 12.5%, 12.2% and 6.8%, respectively.

On a monthly basis, seasonally and calendar adjusted total turnover index increased by 2.8% in July.

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

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