Apr 16 2019

Turkey retail sales grow for second month in February

Retail sales in Turkey increased in February, according to official data published on Tuesday.

The sales, calculated at constant prices, climbed by 0.8 percent on a calendar and seasonally adjusted basis. The increase followed an advance of 1.3 percent in January, which was the biggest since December 2017.

The advance in February was led by a 0.9 percent gain in sales of non-food items, excluding fuel, according to the data published by the Turkish Statistical Institute on Tuesday. Food, drinks and tobacco sales rose by 0.8 percent.

Investors in Turkey are looking for signs that the economy is emerging from a painful recession, which began in the third quarter of last year. The economy contracted by a quarterly 2.4 percent in the three months to December, adding to a 1.6 percent contraction in the previous three months.

On an annual basis, retail sales fell 4.9 percent in January from a year earlier, the sixth-straight yearly decline. Sales of non-food items, excluding fuel, slumped 8.2 percent.