Turkey retail sales growth hits 16-month low

Turkey's retail sales expanded at their slowest pace in nearly 18 months in July, according to the Turkish Statistical Institute. Yearly sales volume rose 10.4 percent, down from 11.5 percent growth in June.

Annual growth in non-food products slowed to 14.1 percent from 17.0 percent, while food, drinks, and tobacco saw a slight increase to 3.2 percent. Online retail growth also moderated to 19.8 percent compared to 23.7 percent in June. On a monthly basis, retail sales grew by 0.2 percent.

Data from the Turkish Central Bank indicated that the country's current account surplus fell significantly to $36 million in July, compared to $1.8 billion in the same month last year. During this period, the goods trade shortfall widened to $5.6 billion, and the services deficit increased to $8.2 billion.