Annual retail sales growth strongest in 7 months

retail sales expanded at the fastest pace in seven months in February, official data from the country’s statistical office showed yesterday.

Retail sales surged 25.1% annually in February, much faster than the 13.7% increase in the previous month, according the data from the Turkish Statistical Institute (TurkStat).

Sales have been rising since June 2020. Further, the latest increase was the quickest since July 2023, when sales had risen 31.9%.

Among subindexes, sales of nonfood products, except automotive fuels, grew 36.5% annually in February, compared to 19.7% a month ago.

Sales of food, drinks and tobacco rose 13%, and those of automotive fuel surged 4.6%.

Under nonfood items, computers, books and telecommunications equipment sales rose by 56.1%, electronic goods and furniture by 25.2%, medical goods and cosmetics by 17.9%, and textiles, clothing and footwear by 16.1%.

Data showed that retail sales via mail orders and the internet alone showed a sharp increase of 59% compared to the same period a year ago.

In February, wholesale trade volume rose by 5.7% versus February 2023, according to the data.

The data from TurkStat showed the monthover-month retail trade volume sales also gathered pace and increased by 3.5% in February.

Another report from the statistical office revealed that the total turnover index including industry, construction, trade and services sectors went up by 85.1% in February versus the same month last year.

Among subindexes, the turnover in the construction sector posted the highest increase with the index up 104% year-over-year in February.

It was followed by services with 103.8%, trade with 83.7%, and industry with 77.3%, respectively.

On the other hand, the monthly increase in the combined turnover of those four sectors was 6.3%, according to TurkStat.