Retail sales volume experienced a substantial 31.0% increase in July 2023 when compared to the previous year. The Turkish Statistical Institute, which released this data on Tuesday, attributes this impressive growth to several factors.

Breaking down the data further, the report reveals that food, drinks, and tobacco sales increased by 19.1%, while non-food (excluding automotive fuel) sales surged by 41.8%. Automotive fuel sales also experienced a notable uptick, rising by 17.0% in the same period.

The positive trend extended to the monthly comparison as well, with retail sales volume at constant prices increasing by 2.7% in July 2023 when compared to the previous month. Though food, drinks, and tobacco sales decreased slightly by 2.4%, non-food (excluding automotive fuel) sales increased by a substantial 5.9%. Meanwhile, automotive fuel sales saw a modest 1.0% decline.

Retail turnover showcased remarkable growth as well. On an annual basis, retail turnover surged by an astounding 93.3% in July 2023 compared to the same month the previous year. This surge in turnover highlights the resilience of the Turkish retail sector.

Looking at the monthly figures, retail turnover with current prices increased by 12.0% in July 2023 compared to the previous month. Food, drinks, and tobacco sales experienced a modest increase of 3.7%, while non-food (excluding automotive fuel) sales saw a substantial 13.5% increase. Automotive fuel sales also contributed positively to the overall picture, increasing by 23.9% in the same period.

The Turkish retail sector's robust performance in July 2023 reflects a positive economic outlook for the country, showcasing strong consumer confidence and increasing economic activity. These promising figures suggest a potential driver for further economic growth in Türkiye. (ILKHA)