May retail sales jump 27%, turnover index soars 78.4%

TURKEY’S retail sales volume and total turnover index both saw a double-digit rise in May, official data showed yesterday, in a rebound from a year ago and despite a strict lockdown that covered the first half of the month.

Retail sales volume with constant prices jumped 27% year-on-year in May, according to the Turkish Statistical Institute (TurkStat). Month-on-month volume was up 6.1%.

Non-food sales (except automotive fuel) were up 39% from a year ago, while automotive fuel and food-drinks-tobacco sales posted increases of 28.5% and 10.6%, respectively, the data showed.

All non-food indices rose annually, including textile, clothing, and footwear up 89.4%, computers, books, and telecommunications equipment up 30.8%, electronic goods and furniture up 20.6% and medical goods and cosmetics up 19.5%.

Sales by mail order and the internet also climbed 55.8% year-on-year in May.

The calendar-adjusted retail turnover with current prices jumped 49.2% on annual basis in the month, the data showed.

“In the same month, food, drinks and tobacco sales increased by 28.9%, non-food (except automotive fuel) sales increased by 62.5% (and) automotive fuel sales increased by 60.2%,” TurkStat said.

Turkey had lifted virtually all social restrictions in March but backtracked in April amid an increase in daily COVID-19 cases. It prompted the government to impose the strictest lockdown yet from the end of April to May 17.

The final stage in the nation’s gradual normalization process began this month, with curfews and lockdowns lifted, as well as all venues and businesses opening without restrictions.

Separate data yesterday showed the country’s total turnover index soared 78.4% in May from a year ago.

The index saw the biggest change in the industry and services sectors, which ballooned 99% and 74.1%, respectively, according to the TurkStat figures.

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.

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,” the statistical body 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 the 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.