The total turnover of Turkish economy posted 20.8% annual hike in March this year, the national statistical body revealed Wednesday.

The Turkish Statistical Institute (TurkStat) noted that the index value in industry climbed 25.8 percent over the same period.

On the services side, the turnover index went up by 24.7 percent on a yearly basis.

The institute said that calendar-adjusted turnover indices in trade and construction rose by 17 percent and 16.2 percent, respectively.

Official figures also revealed that Turkey's seasonally and calendar adjusted total turnover index, which shows monthly change, increased by 5.5 percent in March.

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.

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