Mar 15 2019

Turkish retail sales increase in January

Retail sales in Turkey increased in January from December, according to official data published on Friday.

The sales, calculated at constant prices, climbed by 1.3 percent on a calendar and seasonally-adjusted basis, the biggest monthly gain since December 2017, the figures by the Turkish Statistical Institute showed. The increase was led by a 4.8 percent gain in automotive fuel sales.

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 6.7 percent in January from a year earlier, the fifth-straight yearly decline. Sales of non-food items, excluding fuel, slumped 10.3 percent.