The Turkish economy’s total turnover saw an annual decrease of 20.9% in April, the nation’s statistical institute reported on Friday.

The Turkish Statistical Institute (TurkStat) said turnover in industry slipped 24.9% during the same period.

On the services side, the turnover index declined 23.9% and the figure in trade fell 17.4% year-on-year.

The construction sector’s turnover dropped 19.6% on a yearly basis in the same month.

The official report also revealed that Turkey’s seasonally and calendar-adjusted total turnover index — shows monthly change — plunged 24.5% in April.

According to TurkStat’s definition, turnover is an important short-term indicator used to assess the country’s economic situation.

Turnover indices are composed 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 payments to the country’s Revenue Administration are included in the turnover index calculation.

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