Turkish retail sales grow for sixth-straight month in November

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Retail sales in Turkey grew by an annual 11.9 percent in November, climbing for the sixth-successive month.

Sales volume of retail goods at constant prices increased by 2.2 percent month-on-month compared with October, the Turkish Statistical Institute said on its website on Wednesday.

Turkey has allowed all shops to remain open, except on weekends, in a partial lockdown of the population during the second wave of COVID-19. When the virus erupted in March, it ordered all shops to close except those selling essential goods such as food.

Sales of non-food items, excluding automotive fuel, rose by an annual 13.8 percent in November, the institute said.

The Turkish government has sought to keep the economy running to help achieve a goal of positive economic growth in 2020.

The increase in retail sales comes even after the central bank increased interest rates to help defend the lira and to rein in inflation, which stands at an annual 14.6 percent.

Many economists say that the central bank interest rate hikes – it has more than doubled the benchmark rate since September to 17 percent – will pare consumer demand in the months ahead as borrowing becomes more expensive.

Ahval

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