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World

Turkish retail sales volume drops 7.5 percent in October

ISTANBUL: Turkish retail sales volume tumbled 7.5 percent year-on-year in October, a second consecutive month of decline

Dec 18 2018

ISTANBUL: Turkish retail sales volume tumbled 7.5 percent year-on-year in October, a second consecutive month of decline, official data showed on Tuesday in a fresh illustration of an economic slowdown.

Calendar adjusted non-food sales decreased by 12.1 percent in October, automotive fuel sales fell 7.6 percent, while food, drinks and tobacco sales rose 1.6 percent, Turkish Statistical Institute data showed.

The lira has lost some 30 percent of its value against the dollar this year, sending inflation to its highest in 15 years and hitting economic growth, which slowed sharply to 1.6 percent in the third quarter.

The latest data pointed to a deepening of the slowdown in the fourth quarter, coming a day after data showed industrial output dropped 5.7 percent in October.

Retail sales volume in October fell 2.6 percent from the previous month, according to figures which are seasonal and calendar adjusted and calculated with constant prices.

In September, sales volume had fallen 3.4 percent from a year earlier. The data is seen as an indicator of consumer confidence and household demand.

Copyright Reuters, 2018