Turkey's economy saw an annual hike of 26.9 percent in total turnover in July, said the country's statistical authority on Monday.

On a monthly basis, the economy's total turnover rose 3.8 percent in July, TurkStat said.

"The calendar-adjusted turnover index in industry increased by 36.3 percent in July 2018 compared with the same month of the previous year," the institute said.

The statistical authority said that the indices in the trade sector and services sector rose 20.5 percent and 28.9 percent year-on-year, respectively.

"Calendar-adjusted turnover index in construction increased by 28.3 percent in July 2018 compared with the same month of the previous year," it added.

Official data showed that the durable consumer goods turnover index saw a 24.7 percent rise year-on-year, while the turnover of non-durable consumer goods climbed 30.8 percent in the same period.

In July, the manufacturing industry saw a 36.1-percent annual hike in turnover, and the country's mining and quarrying sector's turnover rose by 42 percent year-on-year.

Under the services, air transport activities saw a 56.2 percent annual rise in turnover, accommodation saw a 53.4 percent increase, while food and beverage service activities' turnover surged 28.6 percent.

The turnover indices of both motion picture, video, and TV program production and music publishing activities fell 8.4 percent over the same period, while security and investigation activities saw an annual decline of 11.6 percent in its turnover index.

In the construction sector, the turnover of building construction rose 26.9 percent on a yearly basis, while civil engineering activities and the construction of utility projects saw rises of 37.9 percent and 19.2 percent, respectively.

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 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," it said.

The institute also noted that all the enterprises which give value-added tax declarations to the country's Revenue Administration are included in the turnover index calculation.