Turkey’s calendar-adjusted retail sales up 7% y/y in March

Turkey’s calendar-adjusted retail sales up 7% y/y in March
By bne IntelliNews May 17, 2018

Turkey's calendar-adjusted retail sales volume index rose by 7.4% y/y in March after rising by 10.8% y/y in January and 8.3% in February, national statistics office TUIK reported on May 17.

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, annual retail sales growth slightly escalated from 0.8% in 2016, the lowest annual rise ever, to 1% in 2017.

Turkey’s economic confidence index fell again in March, falling by 3% m/m to 100.2 points, data from national statistics office TUIK showed on March 27.

The seasonally-adjusted business confidence index declined further by 1% m/m to 109.5 in March, the lowest level since December.

Retail confidence declined by 1.9% m/m following the 1.5% m/m decline recorded in February.

Consumer sentiment in Turkey fell again in March, dropping by 1.3% m/m to 72.3 on the index. That is the lowest level recorded since December.

Last month, the IMF warned that Turkey’s economy appeared to be “overheating” on the back of state-backed incentives that boosted consumption. It pressed policy makers to deliver “front-loaded monetary tightening” to help control the country’s sticky double-digit inflation.

Private consumption in Turkey rose by 6.1% y/y in 2017, higher than the 3.7% recorded in 2016, according to the latest GDP data.