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Domestic producer price index in Turkey increased by 6.17% on annual basis

03.07.2020

Domestic Producer Price Index, June 2020 in Turkey

D-PPI (2003=100) increased by 0.69% on monthly basis, increased by 6.89% on December of the previous year basis, increased by 6.17% on same month of the previous year basis and increased by 7.74% on the twelve months moving averages basis in June 2020.

D-PPI rate of changes (%), June 2020

D-PPI annual rate of change (%), June 2020

Manufacturing increased by 5.99% annually

D-PPI in four main sectors of industry increased by 4.19% for mining and stone quarrying, increased by 5.99% for manufacturing, increased by 9.40% for electricity, gas, steam and air conditioning, increased by 7.30% for water supply, annually.

The indices of main industrial groups; increased by 6.14% for intermediate goods, increased by 13.04% for durable consumer goods, increased by 8.00% for non-durable consumer goods, decreased by 5.00% for energy, increased by 11.57% for capital goods, annually.

D-PPI annual rate of changes (%), June 2020

Manufacturing increased by 0.51% monthly

D-PPI in four main sectors of industry increased by 1.05% for mining and stone quarrying, increased by 0.51% for manufacturing, increased by 3.03% for electricity, gas, steam and air conditioning, increased by 1.08% for water supply, monthly.

The indices of main industrial groups; decreased by 0.55% for intermediate goods, decreased by 0.42% for durable consumer goods, increased by 0.15% for non-durable consumer goods, increased by 8.48% for energy, increased by 0.83% for capital goods, monthly.

D-PPI monthly rate of changes (%), June 2020

The highest annual decrease was in crude petroleum and natural gas by 55.59%

The highest rates of annual decrease in D-PPI by subdivisions of industry were the indices for crude petroleum and natural gas by 55.59%, for coke and refined petroleum products by 28.24%. On the other hand the highest rates of annual increase in D-PPI by sub divisions of industry were for metal ores by 23.35%, for tobacco products by 22.64%, for other manufactured goods by 19.53%.

Annual rate of change for sectors of D-PPI (%), June 2020

The highest monthly decrease was in other transport equipment by 5.14%

The highest rates of monthly decrease in D-PPI by subdivisions of industry were index for other transport equipment by 5.14%, for paper and paper products by 3.14%, for basic metals by 1.02%. On the other hand the highest rates of monthly increase in D-PPI by sub divisions of industry were coke and refined petroleum products by 29.89%, for crude petroleum and natural gas by 20.70%, electricity, gas, steam and air conditioning by 3.03%

Monthly rate of change for sectors of D-PPI (%), June 2020

The next release on this subject will be on August 04, 2020.


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Consumer price index in Turkey increased by 1.13% on the previous month

03.07.2020

Consumer Price Index, June 2020 in Turkey

A rise in general index was realized in CPI (2003=100) on the previous month by 1.13%, on December of the previous year by 5.75%, on same month of the previous year by 12.62% and on the twelve months moving averages basis by 11.88% in June 2020.
Annual rate of changes in CPI (%), June 2020

The lowest annual increase was 4.84% in communication

Recreation and culture with 6.32%, furnishings and household equipment with 9.74% and clothing and footwear with 10.66% were the other main groups where low annual increases realized. On the other hand, alcoholic beverages and tobacco with 22.41%, miscellaneous goods and services with 19.80% and housing with 14.95% were the main groups where high annual increases realized.

CPI annual rate of changes in main groups (%), June 2020

The only monthly decrease was 1.60% in food and non-alcoholic beverages

In June 2020, the only main group that indicated a decrease was food and non-alcoholic beverages with 1.60%. Housing with 0.70%, alcoholic beverages and tobacco with 0.87% and miscellaneous goods and services with 0.97% were the groups that indicated lowest monthly increase amongst the main groups. On the other hand, transportation with 4.49%, hotels, cafes and restaurants with 2.83% and recreation and culture with 2.45% were the main groups where high monthly increases realized.

CPI monthly rate of changes in main groups (%), June 2020

In June 2020 within average prices of 418 items in the index, the average prices of 71 items decreased and the average prices of 57 items remained unchanged while the average prices of 290 items increased.

The indicator for CPI having specified coverage (B) increased by 11.95% annually and 1.86% monthly

A rise in CPI excluding unprocessed food, energy, alcoholic beverages, tobacco and gold was realized in CPI (2003=100) on the previous month by 1.86%, on December of the previous year by 5.72%, on same month of the previous year by 11.95% and on the twelve months moving averages basis by 11.42% in June 2020.

The next release on this subject will be on August 04, 2020.


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Turkey’s economic confidence index hit 73.5 points in June 2020

02.07.2020

​As Turkey adapts to the “new normal” with the easing of COVID-19 measures, the economic confidence index of the country has rebounded accordingly. Turkish Statistical Institute (TurkStat) data shows that Turkey’s economic confidence index hit 73.5 points in June, up 19.1 percent on a monthly basis.
Minister of Treasury and Finance Berat Albayrak released a comment, saying, “Confidence in the Turkish economy is on the rise. I hope we will continue 2020 with this performance and take it even further next year.”
While in April the economic index dropped to 51.3 points, in May it rose to 61.7 points and then to 73.5 points in June. The main reason behind the jump in confidence in the Turkish economy is the developments made in the consumer, real, services, retail trade, and construction sectors after the government agreed to ease the restrictions.
According to TurkStat, the consumer confidence index increased by 5.2 percent to 62.6 and the real sector confidence index increased by 22.2 percent, reaching 89.8 in June.

Source: Investment Office /Link: https://www.invest.gov.tr/en/news/news-from-turkey/pages/turkey-sees-rise-in-economic-confidence-index.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Total insured value of state supported agricultural insurance in Turkey increased by 30.7% in 2019

01.07.2020

State Supported Agricultural Insurance, 2019 in Turkey

Total insured value increased by 30.7% to 55 166 348 492 TL in 2019. When looking at the insured value by insurance lines, the highest increase is in sheep and goats  with 74.3%.

Total number of policies of state supported agricultural insurance increased by 18.9% to 2 087 860.

Total amount of state support premium increased by 19%

Total premium amount increased by 19.3% to 2 447 064 788 TL. Total of state support premium amount also increased by 19% to 1 275 313 836 TL. Insured area (greenhouse included) increased by 5.7% to 26 149 859 decare in 2019. Cattle insurance and sheep and goat insurance also increased by 22.6% and 52.6%  respectively.

Loss paid increased by 15.5%

When total amount of loss paid is examined by insurance lines, it is seen that the first is crop insurance with loss paid value 753 642 871 TL and secondly cattle insurance becomes with loss paid value 292 935 767 TL. When total amount of loss paid is examined by reasons, it is observed that first comes hail with loss paid value 461 551 883 TL among the total loss paid.

The next release on this subject will be on July 2021.
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EXPLANATIONS

All data included this State Supported Agricultural Insurance Press Release are compiled through TARSİM  Agricultural Insurance Pool official registers and published within the context of Official Statistics Programme  (OSP) by TurkStat. Reference periods of the published data is January 1st, 2018- December 31st, 2018 and January 1st, 2019- December 31st, 2019.


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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What is Turkey’s Economic Policy Response to Covid-19?

29.06.2020

Covid-19, a new type of coronavirus first detected on December 12, 2019 in Wuhan, China, has caused a global pandemic. As of today, it has infected more than 8​​ million people around the globe, and it is spreading rapidly almost in all countries.
The Investment Office sends its heartfelt condolences to people who have lost their lives due to the pandemic, and wish a quick recovery for those infected.
Thanks to the great transformation Turkey has made in the fields of services and infrastructure during the past 17 years, Turkey is well prepared to face this pandemic.
Turkey has been managing the Covid-19 situation since its inception. Policymakers, regulators, and all economic authorities are vigilantly following the developments and are taking all necessary measures to reassure the markets.
ECONOMIC STABILITY SHIELD PROGRAM
President Recep Tayyip Erdoğan announced a TRY 100 billion-Economic Stability Shield program on March 19. The package aims to secure employment, bolster the real sector, and address the prevailing concerns on liquidity and financing in the market.
  • Tax declaration, VAT discount, and social security payments for April, May, and June have been postponed for a period of 6 months in the following sectors: retail, iron & steel, automotive, logistics, transportation, cinema & theater, accommodation, food & beverage, textile, and event organization.
  • Accommodation tax will be delayed until November.
  • The easement rights and revenue share payments related to hotel rentals for April, May, and June have been postponed for a period of 6 months.
  • VAT has been lowered to 1% from 18% for a period of 3 months on domestic flights.
  • Principal and interest rate payments of companies having cash flow problems due to Covid​-19 outbreak precautions will be postponed for a minimum of 3 months. Additional financial support will be available if required.
  • Inventory financing support will be available for exporters in order to protect capacity utilization rates.
  • Principal and interest rate payments of artisans and craftsmen to Halkbank for April, May, and June will be postponed for a period of 3 months free of interest.
  • The Credit Guarantee Fund limit will be increased from TRY 25 billion to TRY 50 billion. Loan priority will be channeled to companies and SMEs that need liquidity and that are showing a collateral deficit due to the negative effects of recent developments.
  • Social credit packages will be incentivized under the most favorable and advantageous conditions for citizens.
  • The mortgageable amount for houses under TRY 500,000 will be raised from 80% to 90%, meaning the minimum down payment has been reduced to 10%.
  • Companies that default in April, May, or June due to the measures taken against the spread of the virus will have a “force majeure” note on their credit record.
  • Minimum wage support will continue.
  • Flexible and remote working models will be utilized to allow for operations to continue efficiently.
  • Short Work Allowance will be facilitated, and the processes required to benefit from this opportunity will be eased and accelerated. Thus, the cost of employers will be reduced, while temporary income support will be provided to employees in workplaces that suspend its activities.
  • The lowest pension wage will be increased to TRY 1,500.
  • The Eid payment for the retired will be paid at the beginning of April.
  • The Ministry of Family, Labor, and Social Services will provide financial support of TRY 2 billion for needy families.
  • The 2-month compensation working period will be increased to 4 months to provide sustainability in employment.
  • Follow-up programs including social services and periodical homecare visits will be initiated for the elderly who are above 80 years old and live alone.
  • The maturities for repayments of rediscount credits, which will be due from April 2020 to June 2020, will be extended to October 2020 to December 2020, and the maximum maturity has been extended by 1 year. An additional 12 month-export commitment fulfillment time has been offered for the rediscount credits maturing in April, May, and June 2020.

Source: Investment Office of Republic of Turkey / Link: https://www.invest.gov.tr/en/Pages/covid19-updates-support.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Economic confidence index in Turkey increased by 19.1% in June 2020

29.06.2020

Economic Confidence Index, June 2020 in Turkey

Economic confidence index which was 61.7 in May increased by 19.1% in June to 73.5. This increase in economic confidence index stemmed from the increases in consumer, real sector (manufacturing industry), services, retail trade and construction confidence indices.

Consumer confidence index increased by 5.2% and became 62.6, real sector confidence index increased by 22.2% and became 89.8, services confidence index increased by 8.5% and became 55.5, retail trade confidence index increased by 9.3% and became 86.4, construction confidence index increased by 33.1% and became 78.0 in June compared to the previous month.

Economic confidence index, June 2020

Economic confidence index, sectoral indices and the rate of changes, June 2020

The next release on this subject will be on July 30, 2020.

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EXPLANATIONS

Economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation. The index is combined by means of a weighted aggregation of sub-indices of seasonally adjusted consumer confidence, real sector, services, retail trade and construction confidence indices.

In the calculation of economic confidence index, each sectoral weights are not directly applied to the five confidence indices themselves but to their normalised individual sub-indices series as equally-distributed in each sector. Within this scope, totally 20 sub-indices of confidence indices for consumer, real sector, services, retail trade and construction are used in the calculation.

Sub-indices used in the calculation of economic confidence index are calculated with data collected in the first two weeks of each month.

It indicates an optimistic outlook about the general economic situation when economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100.

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Marketable production of hard coal in Turkey decreased by 86.9% in April 2020

25.06.2020

Solid Fuels, April 2020 in Turkey

Marketable production of lignite(1) decreased by 18.7% in April compared to the previous month. In January-April period, its production decreased by 15.5% when compared to the same period of the previous year. In addition, its production decreased by 35.6% compared to the same month of the previous year.

Marketable production of hard coal was 13 thousand 282 tonnes in April

Marketable production of hard coal decreased by 86.9% in April compared to the previous month. In January-April period, its production decreased by 19.8% when compared to the same period of the previous year. Additionally, its production decreased by 86.8% compared to the same month of the previous year.

Marketable production of coke derived from hard coal increased by 8.6% in April compared to the previous month. In January-April period, its production decreased by 1.3% when compared to the same period of the previous year. Besides, its production decreased by 7.1% compared to the same month of the previous year.

Imports of coke increased by 113.7% compared to the previous month

Imports of coke derived from hard coal increased by 113.7% in April compared to the previous month; by 2.3% in January-April period compared to the same period of the previous year; and by 116.5% compared to the same month of the previous year.

Imports of hard coal increased by 9.9% in January-April period compared to the same period of the previous year and by 5.5% compared to the same month of the previous year. On the other hand, it decreased by 32.2% in April compared to the previous month.

The highest ratio of production to deliveries was in lignite in January-April period

The highest ratio(2) of production to deliveries was in lignite by 106.5%. This ratio was 87.7% for coke derived from hard coal and 2.8% for hard coal in January-April period.

Hard coal and lignite were delivered mostly to thermal power plants

Concerning the deliveries of solid fuels in April, hard coal was delivered with a percentage of 47.9% to thermal power plants, 24.1% to coking plants, and 12.6% to industry (except iron and steel industry). Additionally, 85.8% of lignite was delivered to thermal power plants and 10.4% to industry (except iron and steel industry). Lastly, 97.6% of coke derived from hard coal was delivered to iron and steel industry.

The next release on this subject will be on July 24, 2020.
                                                                                                                                                                                           

EXPLANATIONS

(1) Asphaltite is included within lignite.
(2) It shows the proportion of marketable production in deliveries.
Ratio of production to deliveries = (marketable production quantity / delivery quantity)*100


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Non-domestic producer price index in Turkey increased by 10.06% annually and 1.47% monthly

22.06.2020

Non-Domestic Producer Price Index, May 2020 in Turkey

ND-PPI (2010=100) increased by 1.47% monthly, by 14.26% on December of the previous year, by 10.06% on same month of the previous year and by 7.23% on the twelve months moving averages basis in May 2020.

ND-PPI rate of changes (%), May 2020

ND-PPI annual rate of change (%), May 2020

Manufacturing increased by 10.01% annually

ND-PPI in two main sectors of industry increased by 12.06% for mining and quarrying, by 10.01% for manufacturing compared with the previous year.

The indices of main industrial groups; increased by 8.70% for intermediate goods, by 20.40% for durable consumer goods, by 12.91% for non-durable consumer goods, decreased by 59.35% for energy, increased by 14.02% for capital goods, annually.

ND-PPI rate of annual changes (%), May 2020

Manufacturing increased by 1.49% monthly

ND-PPI in two main sectors of industry increased by 0.95% for mining and quarrying, by 1.49% for manufacturing compared with the previous month.

The indices of main industrial groups; increased by 1.20% for intermediate goods, by 0.95% for durable consumer goods, by 1.53% for non-durable consumer goods, by 22.03% for energy, by 1.31% for capital goods, monthly.

D-PPI rate of monthly changes (%), May 2020

The highest annual decrease was in coke and refined petroleum products by 59.35%

The highest rates of annual decrease in ND-PPI by subdivisions of industry were for coke and refined petroleum products by 59.35% and for chemicals and chemical products by 0.15. On the other hand the highest rates of annual increase in ND-PPI by subdivisions of industry were for other manufactured goods by 31.91%, for tobacco products by 21.32%, for basic pharmaceutical products and pharmaceutic prep. by 17.14%.

Annual rate of change for sectors of ND-PPI (%), May 2020

The only monthly decrease was in electrical equipment by 0.12%

The only rate of monthly decrease in ND-PPI by subdivisions of industry was for electrical equipment by 0.12%. On the other hand the highest rates of monthly increase in ND-PPI by subdivisions of industry were for coke and refined petroleum products by 22.03%, for computer, electronic and optical products by 3.54%, for leather and related products by 2.86%.

Monthly rate of change for sectors of ND-PPI (%), May 2020

The next release on this subject will be on July 20, 2020.


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Consumer confidence index in Turkey increased by 5.2% in June 2020

22.06.2020

Consumer Confidence Index, June 2020 in Turkey

Seasonally adjusted consumer confidence index calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Turkey increased by 5.2% in June compared to the previous month. The index became 62.6 in June while it was 59.5 in May.

Seasonally adjusted consumer confidence index, June 2020

Financial situation expectation index realized as 79.9

The financial situation expectation of household index in the next 12 months period which was 79.2 in May increased by 0.8% and became 79.9 in June.

General economic situation expectation index became 85.5

The general economic situation expectation index in the next 12 months period which was 81.8 in May increased by 4.5% and became 85.5 in June.

Number of people unemployed expectation index became 62.1

The number of people unemployed expectation index in the next 12 months period which was 55.3 in May increased by 12.2% and became 62.1 in June.

Probability of saving index realized as 23.1

The probability of saving index in the next 12 months period which was 21.7 in May increased by 6.5% and became 23.1 in June.

Seasonally adjusted consumer confidence index, sub-indices and rate of changes, June 2020

Seasonally adjusted consumer confidence index and indices concerning consumer tendency, June 2020

The next release on this subject will be on July 23, 2020.
                                                                                                                                                                                      

EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa.


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Price level index for consumer goods and services in Turkey is 47

19.06.2020

Purchasing Power Parity (Household Final Consumption Expenditures), 2019 in Turkey

Price level index is an indicator of purchasing power of national currencies according to currency conversion rates. If a country’s price level index is higher than 100, the country concerned is relatively “expensive” to the average of compared country group and if it is lower than 100 than it is relatively “cheap” against the same compared group.

Price level index for consumer goods and services in Turkey was 47 in 2019. This figure represents the same basket of goods and services purchased for the cost of 100 Euros in total of 27 European Union (EU) countries, could be purchased for 47 Euros in Turkey.

The country groups included in the comparison were the 27 member states of European Union, 3 European Free Trade Association (EFTA) countries (Switzerland, Iceland and Norway), 5 candidate countries (Turkey, North Macedonia, Montenegro, Serbia and Albania), 1 potential candidate country (Bosnia and Herzegovina) and United Kingdom.

Most expensive country in consumer goods and services was Switzerland

Switzerland had the highest price level indices with 162, whereas Turkey had the lowest with 47 among of 37 countries included in the comparison programme.

Price level indices for consumer goods and services, 2019
[EU27=100]


Source: Eurostat

The highest price level index in Turkey was in personal transport equipments

For sub-groups of consumer goods and services, Turkey had the highest price level index in personal transport equipments sub-group with 106 and means that, Turkey was 6% more expensive than EU average.

In other sub-groups; the price level index of Turkey was relatively higher than other groups for consumer electronics indices with 99. On the other hand, price level index of Turkey was lower than other groups for restaurant and hotels index with 51. For clothing group, Turkey had an index with 45, which is the lowest index among the all countries included in the comparisons.

Price level indices for consumer goods and services and sub-groups(1), 2019
[EU27=100]

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EXPLANATIONS

Definition of the product groups given below;
Food and non-alcoholic beverages: Bread and cereals, meat, milk, egg, fruits, vegetables, water, juices and non-alcoholic beverages etc.,
Alcoholic beverages and tobacco: Wine, beer and other alcoholic beverages, tobacco,
Clothing: Clothing materials, men’s, women’s, children’s and infant’s clothing,
Consumer electronics: Televisions, audio systems, desktop and laptop computers etc.,
Personal transport equipment: Motor cars, motor cycles and bicycles,
Restaurants and hotels: Restaurants, cafes, pubs, bars, canteens, hotels, youth hostels etc.


Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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