Turkey’s turnover index soared 78.4% in May over the same month in 2020, the statistical authority announced on Tuesday.

The index saw the biggest change in the industry and services sectors, which ballooned 99% and 74.1%, respectively, year-on-year in May, TurkStat figures showed.

The trade sector shot up 69.8%, while the construction index posted an increase of 50.4%.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was also up 3.3% in the same month. The term calendar-adjusted is used to refer to data without calendar or holiday-originating effects.

Breaking down the total turnover index by sub-indices, “industry increased by 4.9%, construction increased by 6.0%, trade increased by 2.4%, and services increased by 1.5% on monthly basis in May 2021,” TurkStat said.

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.

All enterprises that declare their value-added tax to the country’s revenue administration are included in the turnover index calculation.

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