Turkish retail sales drop most since global financial crisis
Turkish retail sales fell the most since a crisis ripped through the global economy in 2008.
Sales decreased 3.4 percent in September compared with the same month a year ago, the Turkish Statistical Institute said on Monday. It was the first negative reading since February 2017. Non-food sales, excluding automotive fuel, slid 8.3 percent. Fuel sales fell 4 percent, while food, drinks and tobacco sales increased 6.9 percent.
Turkish economic activity is slowing rapidly following a currency crisis that peaked in August. The lira has lost about one third of its value this year, pushing up inflation to 25.2 percent, the highest level since 2003, and bringing a surge in interest rates on loans and credit cards.
Retail sales dropped 4.6 percent in September compared with August, the institute in Ankara said. Sales of non-food items, excluding fuel, decreased by 6.6 percent and food, drinks and tobacco sales fell by 2.1 percent. Sales of fuel dropped 3.2 percent, it said.