Retail sales increased compared to last year, decreased on a monthly basis
The Turkish Statistical Institute (TÜİK) has shared the retail sales statistics for August with the public.
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According to the data released by TÜİK, the retail sales volume at constant prices increased by 17.2% in August 2023 compared to the same month of the previous year.
It was observed that there was a significant increase in the annual growth rate of the economy.
However, according to the same data, the retail sales volume at constant prices decreased by 4.7% in August on a monthly basis compared to the previous month.
The monthly decline is considered a reflection of seasonal fluctuations.
SECTORAL CHANGES
The data for August also shows performance differences across various sectors.
While food, beverage, and tobacco sales increased by 0.1% on a monthly basis, non-food sales (excluding automotive fuel) decreased by 5.6%. Automotive fuel sales experienced a 9% decrease on a monthly basis.
RETAIL TURNOVER ROSE SHARPLY
Retail turnover at current prices increased by 87.5% in August 2023 compared to the same month of the previous year.
While food, beverage, and tobacco sales increased by 89.9%, non-food sales (excluding automotive fuel) increased by 98.1%. A 58.5% increase was recorded in automotive fuel sales.
On a monthly basis, retail turnover increased by 4.5%. While food, beverage, and tobacco sales increased by 7% in the last month, non-food sales (excluding automotive fuel) increased by 1.2%. Automotive fuel sales experienced a 13% increase on a monthly basis.
TÜİK data reveals that the retail sector continues to contribute to the Turkish economy and that the sector has recorded significant growth on an annual basis. However, it is stated that monthly fluctuations are also a factor that should be taken into account.