Financial News: Turkey Retail Sales Surge In January

Turkey Retail Sales Surge In January

03/13/2023 - 06:39:00 (RTTNews)

(RTTNews) - Turkey retail sales logged the fastest annual growth since early 2021 on widespread increases across food and non-food segments, the Turkish Statistical Institute said Monday.

Retail sales surged 33.9 percent in January from the last year, which was bigger than the 21.4 percent increase in December. Sales grew at the fastest pace since April 2021.

Food, drinks and tobacco sales logged a double-digit growth of 24.4 percent and non-food sales jumped 42.4 percent. The increase in automotive fuel sales volume was 23.6 percent.

Month-on-month, retail sales advanced 5.4 percent, following December's 3.7 percent rise.

Another report from the statistical office showed that the total turnover index including industry, construction, trade and services sectors increased 94.0 percent on a yearly basis in January, after rising 90.5 percent in December.

Data released last week showed that industrial production rebounded in January driven by manufacturing activity. Industrial output rose 4.5 percent on year, in contrast to the 0.4 percent fall in December.

The large increases in industrial production and retail sales in January suggest that the economy got off to a strong start in early 2023, Capital Economics' economist Liam Peach said.

Activity will have been disrupted from the earthquakes last month, but the latest survey data for February suggest that any impact on the manufacturing sector was limited, the economist added.

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