The Turkish economy’s total turnover saw a monthly increase of 12.5% in May, the nation’s statistical institute reported on Monday.

Total turnover index included industry, construction, trade, and services sectors.

“At the detail of the total turnover index; industry increased by 15.7%, construction increased by 8.3%, trade increased by 14.3% and services increased by 2.2% on monthly basis in May,” the Turkish Statistical Institute (TurkStat) said.

Meanwhile, the official report also revealed that Turkey’s total turnover index — shows annual change — diminished by 12.1% in May.

“At the detail of the total turnover index; industry decreased by 14.8%, construction decreased by 11.0%, trade decreased by 6.2% and services decreased by 24.8% annually,” it noted.

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.

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.