Turkish economy's total turnover up 10.8 pct in December

Turkish economy's total turnover went up 10.8 percent year-on-year in December 2018, the statistical authority in the country reported on Friday.

"The calendar-adjusted turnover index in industry increased by 17 percent in December 2018 compared with the same month of the previous year," TürkStat said.

On the services side, the turnover index surged 15.1 percent over the same period.

The institute said that calendar-adjusted turnover indices in trade and construction went up 8 percent and 3 percent, respectively.

Official figures also revealed that Turkey's seasonally and calendar adjusted total turnover index -- shows monthly change -- decreased by 1.3 percent in December 2018.

According to TürkStat'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.

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