Annual Retail Sales Volume Sees 17.2% Growth – Breaking Economic Update
Turkish Retail Sales Decrease in August, but Show Positive Year-on-Year Growth
The Turkish Statistical Institute has released the retail sales indices for the month of August, revealing a decline in retail sales volume at constant prices when compared to the previous month. However, there was a positive year-on-year growth trend in retail sales.
In August, retail sales volume at constant prices dropped by 4.7 percent, with non-food sales (excluding automotive fuel) experiencing the sharpest decline at 5.6 percent. Automotive fuel sales also saw a significant decrease of 9 percent during this period. On the other hand, food, beverage, and tobacco sales managed to increase by a marginal 0.1 percent.
Despite the monthly decrease, the retail sales volume at constant prices recorded a notable jump of 17.2 percent in August when compared to the same month last year. This growth was driven by significant increases in food, beverage, and tobacco sales, which saw a growth of 15.3 percent. Additionally, non-food sales (excluding automotive fuel) experienced a remarkable surge of 24.2 percent. However, automotive fuel sales declined by 1 percent during the same period.
Looking at retail turnover at current prices in August, there was a substantial year-on-year increase of 87.5 percent. This surge was largely driven by growth in food, beverage, and tobacco sales, which increased by 89.9 percent. Non-food sales (excluding automotive fuel) also saw a significant boost, rising by 98.1 percent. Automotive fuel sales contributed to the overall growth, increasing by 58.5 percent.
In comparison to the previous month, retail turnover in August grew by 4.5 percent. This increase was mainly propelled by a 7 percent growth in food, beverage, and tobacco sales. Non-food sales (excluding automotive fuel) also saw a modest rise of 1.2 percent. Automotive fuel sales marked the highest increase at 13 percent.
Despite the monthly decline in retail sales volume at constant prices, the positive year-on-year growth in retail turnover indicates a potential recovery in the Turkish retail sector. As the effects of the pandemic continue to evolve, it will be crucial to monitor future retail sales data to better gauge the overall health of the Turkish economy.
