Turkish retail sales fall at slowest pace since currency crisis

Retail sales in Turkey slowed by the least since a currency crisis peaked last August.

Retail sales volume dropped 1.2 percent in June from a year earlier, the 10th straight annual decline, the Turkish Statistical Institute reported on its website on Monday. The figures are calendar-adjusted and calculated at constant prices.

Food, drink and tobacco sales decreased by an annual 0.7 percent while sales of non-food items, excluding fuel, fell by 1 percent.

Turkey’s government is seeking to boost economic growth through cheap loans from state-run banks, tax breaks and by calling on retailers to limit price increases. The measures have helped lift the economy out of a recession that lasted for the second half of 2018. Inflation has slowed to 16.7 percent in July from a 15-year high of 25.2 percent in October.

Retail sales climbed by 2.3 percent in June compared with May, the biggest increase since 2017, data provided by the institute showed. They increased by 0.5 percent in May.