| People | Turkey |
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Economy - overview:
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Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for more than 35% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of the global quota system. However, other sectors, notably the automotive and electronics industries, are rising in importance within Turkey's export mix. Real GNP growth has exceeded 6% in many years, but this strong expansion has been interrupted by sharp declines in output in 1994, 1999, and 2001. The economy is turning around with the implementation of economic reforms, and 2004 GDP growth reached 9%, followed by roughly 5% annual growth from 2005-07. Inflation fell to 7.7% in 2005 - a 30-year low but climbed back to 8.5% in 2007. Despite the strong economic gains from 2002-07, which were largely due to renewed investor interest in emerging markets, IMF backing, and tighter fiscal policy, the economy is still burdened by a high current account deficit and high external debt. Further economic and judicial reforms and prospective EU membership are expected to boost foreign direct investment. The stock value of FDI currently stands at about $85 billion. Privatization sales are currently approaching $21 billion. Oil began to flow through the Baku-Tblisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. In 2007, Turkish financial markets weathered significant domestic political turmoil, including turbulence sparked by controversy over the selection of former Foreign Minister Abdullah GUL as Turkey's 11th president. Economic fundamentals are sound, marked by strong economic growth and foreign direct investment. Turkey's high current account deficit leaves the economy vulnerable to destabilizing shifts in investor confidence, however. |
GDP (purchasing power parity):
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$667.7 billion (2007 est.) |
GDP (official exchange rate):
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$482 billion (2007 est.) |
GDP - real growth rate:
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5.1% (2007 est.) |
GDP - per capita (PPP):
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$9,400 (2007 est.) |
GDP - composition by sector:
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agriculture: 8.9%
industry: 30.8%
services: 59.3% (2007 est.) |
Investment (gross fixed):
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21% of GDP (2007 est.) |
Population below poverty line:
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20% (2002) |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 34.1% (2003) |
Distribution of family income - Gini index:
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43.6 (2003) |
Inflation rate (consumer prices):
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8.5% (2007 est.) |
Labor force:
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25.27 million
note: about 1.2 million Turks work abroad (2007 est.) |
Labor force participation rate:
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35.15 % of population |
Labor force - by occupation:
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agriculture: 35.9%
industry: 22.8%
services: 41.2% (3rd quarter, 2004) |
Unemployment rate:
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9.7% plus underemployment of 4% (2007 est.) |
Budget:
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revenues: $137.8 billion
expenditures: $151.9 billion (2007 est.) |
Budget revenues per capita:
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1,917 USD per capita |
Public debt:
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58.2% of GDP (2007 est.) |
Industries:
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textiles, food processing, autos, electronics, mining (coal, chromite, copper, boron), steel, petroleum, construction, lumber, paper |
Industrial production growth rate:
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4.5% (2007 est.) |
Electricity - production:
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154.2 billion kWh (2005) |
Electricity - production per capita:
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2,145 kWh per capita |
Electricity - consumption:
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129 billion kWh (2005) |
Electricity - consumption - per capita:
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1,795 kWh per capita |
Electricity - exports:
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1.798 billion kWh (2005) |
Electricity - imports:
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636 million kWh (2005) |
Oil - production:
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45,460 bbl/day (2005 est.) |
Oil - production per capita:
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633 bbl/day per capita |
Oil - consumption:
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660,800 bbl/day (2005 est.) |
Oil - consumption - per capita:
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3.35 bbl/year per capita |
Oil - exports:
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112,600 bbl/day (2004) |
Oil - imports:
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724,400 bbl/day (2004) |
Oil - proved reserves:
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300 million bbl (1 January 2006 est.) |
Natural gas - production:
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860.3 million cu m (2005 est.) |
Natural gas - production per capita:
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12 cu m per capita |
Natural gas - consumption:
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26.25 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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366 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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25.48 billion cu m (2005) |
Natural gas - proved reserves:
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8.147 billion cu m (1 January 2006 est.) |
Agriculture - products:
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tobacco, cotton, grain, olives, sugar beets, pulse, citrus; livestock |
Current account balance:
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-$36.27 billion (2007 est.) |
Current account balance - per capita:
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-504 USD per capita |
Exports:
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$110.5 billion f.o.b. (2007 est.) |
Exports per capita:
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1,538 USD per capita |
Exports - commodities:
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apparel, foodstuffs, textiles, metal manufactures, transport equipment |
Exports - partners:
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Germany 11.3%, UK 8%, Italy 7.9%, US 6%, France 5.4%, Spain 4.4% (2006) |
Imports:
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$156.9 billion f.o.b. (2007 est.) |
Imports per capita:
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2,183 USD per capita |
Imports - commodities:
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machinery, chemicals, semi-finished goods, fuels, transport equipment |
Imports - partners:
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Russia 12.8%, Germany 10.6%, China 6.9%, Italy 6.2%, France 5.2%, US 4.5%, Iran 4% (2006) |
Reserves of foreign exchange and gold:
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$74.39 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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1,035 USD per capita |
Debt - external:
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$226.4 billion (30 June 2007) |
Debt - external - per capita:
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3,150 USD per capita |
Stock of direct foreign investment - at home:
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$84.53 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$9.249 billion (2006 est.) |
Market value of publicly traded shares:
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$162.4 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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ODA, $464 million (2005) |
Economic aid - recipient per capita:
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7 USD per capita |
Currency (code):
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Turkish lira (TRY); old Turkish lira (TRL) before 1 January 2005 |
Exchange rates:
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Turkish liras per US dollar - 1.319 (2007), 1.4286 (2006), 1.3436 (2005), 1.4255 (2004), 1.5009 (2003)
note: on 1 January 2005 the old Turkish lira (TRL) was converted to new Turkish lira (TRY) at a rate of 1,000,000 old to 1 new Turkish lira |
Fiscal year:
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calendar year |
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