Page 15 - TURKRptMay21

4.5.2 Income dynamics
4.5.3 Retail sector dynamics
Turkey’s official working-day adjusted retail sales volume index rose by 4.6% y/y in February.
Total domestic oil product sales in January fell by 8% y/y to 1.96mn tonnes. Total LPG sales on the local market amounted to 258,000 tonnes, marking a 21% y/y decline.
Turkey’s consumption of finished steel products is expected to rise by 19% y/y to 35mn tonnes in 2021.
Sales of passenger cars and light commercial vehicles (LCVs) in Turkey leapt 93% y/y in March to 96,428 units. In Q1, sales gained 60% y/y.
“The surge in sales was driven by low interest rate sales campaigns in March and consumer moves to buy vehicles before the weakening of the lira was reflected in prices.”
In March 2020, sales declined due to the impact of the coronavirus outbreak.
White goods sales in Turkey grew 26% y/y in March while imports increased by 42% y/y. Sales also expanded by 40% y/y in Q1. Sales increased 16% y/y to some 7.8mn units in 2020.
It is interesting to note that the sharp increase in local sales took place against the backdrop of weak homes sales in the country.
Home sales in Turkey increased by 2% y/y in March after plunging 32% y/y in February. Mortgage-financed home sales stayed on a downward trajectory in March, down 50% y/y. In Q1, home sales registered a 23% y/y decline to 263,000 units while mortgage-financed property purchases dropped nearly 64% y/y to 47,000 units.
Turkish restaurants, which were closed by lockdowns for months in 2020, will be allowed to only provide delivery services from April 13 to May 12.
The volume of e-commerce in Turkey increased by 66% y/y in 2020 to hit
15 TURKEY Country Report May 2021 www.intellinews.com