The Turkish economy saw a 49.9% annual rise in total turnover in March, according to the latest data released Tuesday.
The index posted the most significant change in the industrial sector, up 53.5% year-on-year in March, the data by the Turkish Statistical Institute (TurkStat) showed.
The trade sector registered an annual rise of 52.5%, while the services and construction indices increased by 39.9% and 27.7%, respectively.
On a monthly basis, the seasonally and calendar-adjusted total turnover index was up 5.3% in the same month. The term "calendar-adjusted" is used to refer to data without calendar and holiday-originated effects.
“In detailing the total turnover index, industry increased by 5.7%, trade increased by 5.6%, services increased by 7.2% and construction decreased by 4.2% on a monthly basis in March 2021,” it added.
According to TurkStat, turnover is an important short-term indicator used to assess the country's economic situation.
Turnover indices are made up of sales of goods and services invoiced by enterprises in the reference month over a certain period to monitor developments on a quarterly and yearly basis, the report outlined.
All enterprises that declare their value-added tax to the Turkish Revenue Administration are included in the turnover index calculation.
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