Turkey's calendar-adjusted retail sales volume index rose by 4.2% y/y in May. The rate is the lowest recorded since November last year and follows the 8.2% y/y increase posted in April, national statistics office TUIK reported on July 18.
The monthly annual retail sales growth rate in the year to date peaked at 10.8% in January, then slowed in the following two months before moving up again in April.
Turkey’s average annual retail sales growth jumped to 5.7% in 2017 from 2.2% in 2016, according to the TUIK’s revised index. Based on the old series, the annual retail sales growth very slightly escalated from 0.8% in 2016, the lowest annual rise ever, to 1% in 2017.
The Turkish economy saw 7.4% in annual GDP growth in the first quarter of 2018. Private consumption was again the main engine with households’ final consumption in Q1 rising by 11% y/y, higher than the 6.6% seen in Q4 2017.
Average monthly annual retail sales growth quickened to 8.9% in Q1 2018 from 5.7% in Q4 2017, according to TUIK’s retail sales data.
Turkey’s economic confidence index fell by a sharp 3.3% m/m to 90.4 in June, the lowest level seen since January 2017, data from national statistics office TUIK showed on June 28.
It should be noted that the June confidence data do not include the days after the completion of the June 24 elections and the effect on sentiment of the vote.
The seasonally-adjusted retail confidence index also declined for the fifth consecutive month, by 2.8% m/m to 94.4. The index hit 106.2 in January but has declined since then.
Consumer sentiment in Turkey inched up by 0.6% m/m to 70.3 on the index in June, data from national statistics office TUIK showed on June 21.