| Economy | 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 turned around with the implementation of economic reforms, and 2004 GDP growth reached 9%, followed by roughly 5% annual growth from 2005-07. Due to global contractions, annual growth is estimated to have fallen to 3.5% in 2008. 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 and 2008, 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 and the possible closure of the Justice and Development Party (AKP). Economic fundamentals are sound, marked by moderate economic growth and foreign direct investment. Nevertheless, the Turkish economy may be faced with more negative economic indicators in 2009 as a result of the global economic slowdown. In addition, Turkey's high current account deficit leaves the economy vulnerable to destabilizing shifts in investor confidence. |
GDP (purchasing power parity):
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$906.5 billion (2008 est.)
$893.1 billion (2007)
$853.8 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$12,000 (2008 est.)
$11,900 (2007 est.)
$11,600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$798.9 billion (2008 est.) |
GDP - real growth rate:
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1.5% (2008 est.)
4.6% (2007 est.)
6.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 8.5%
industry: 28.6%
services: 62.9% (2008 est.) |
Investment (gross fixed):
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21% of GDP (2008 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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10.2% (2008 est.) |
Central bank discount rate:
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25% (31 December 2007) |
Commercial bank prime lending rate:
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void |
Stock of money:
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$64.43 billion (31 December 2007) |
Stock of money - per capita:
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839 USD per capita |
Stock of quasi money:
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$254.3 billion (31 December 2007) |
Stock of quasi money - per capita:
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3,311 USD per capita |
Stock of domestic credit:
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$358.1 billion (31 December 2007) |
Stock of domestic credit - per capita:
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4,663 USD per capita |
Labor force:
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23.21 million
note: about 1.2 million Turks work abroad (2008 est.) |
Labor force participation rate:
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30.22 % of population |
Labor force - by occupation:
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agriculture: 29.5%
industry: 24.7%
services: 45.8% (2005) |
Unemployment rate:
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7.9% plus underemployment of 4% (2008 est.) |
Budget:
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revenues: $164.6 billion
expenditures: $176.3 billion (2008 est.) |
Budget revenues per capita:
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2,144 USD per capita |
Public debt:
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37.1% of GDP (2008 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% (2008 est.) |
Electricity - production:
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181.6 billion kWh (2007 est.) |
Electricity - production per capita:
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2,365 kWh per capita |
Electricity - consumption:
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141.5 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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1,843 kWh per capita |
Electricity - exports:
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2.576 billion kWh (2007 est.) |
Electricity - imports:
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863 million kWh (2007 est.) |
Oil - production:
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42,800 bbl/day (2007 est.) |
Oil - production per capita:
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558 bbl/day per capita |
Oil - consumption:
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676,600 bbl/day (2007 est.) |
Oil - consumption - per capita:
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3.22 bbl/year per capita |
Oil - exports:
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114,600 bbl/day (2005) |
Oil - imports:
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714,100 bbl/day (2005) |
Oil - proved reserves:
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300 million bbl (1 January 2008 est.) |
Natural gas - production:
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893 million cu m (2007 est.) |
Natural gas - production per capita:
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12 cu m per capita |
Natural gas - consumption:
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36.6 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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477 cu m per capita |
Natural gas - exports:
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31 million cu m (2007 est.) |
Natural gas - imports:
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35.83 billion cu m (2007 est.) |
Natural gas - proved reserves:
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8.495 billion cu m (1 January 2008 est.) |
Agriculture - products:
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tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulse, citrus; livestock |
Current account balance:
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-$51.68 billion (2008 est.) |
Current account balance - per capita:
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-672 USD per capita |
Exports:
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$141.8 billion f.o.b. (2008 est.) |
Exports per capita:
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1,847 USD per capita |
Exports - commodities:
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apparel, foodstuffs, textiles, metal manufactures, transport equipment |
Exports - partners:
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Germany 11.2%, UK 8.1%, Italy 7%, France 5.6%, Russia 4.4%, Spain 4.3% (2007) |
Imports:
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$204.8 billion f.o.b. (2008 est.) |
Imports per capita:
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2,667 USD per capita |
Imports - commodities:
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machinery, chemicals, semi-finished goods, fuels, transport equipment |
Imports - partners:
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Russia 13.8%, Germany 10.3%, China 7.8%, Italy 5.9%, US 4.8%, France 4.6% (2007) |
Reserves of foreign exchange and gold:
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$82.82 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
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1,079 USD per capita |
Debt - external:
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$294.3 billion (31 December 2008 est.) |
Debt - external - per capita:
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3,832 USD per capita |
Stock of direct foreign investment - at home:
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$124.8 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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1,625 USD per capita |
Stock of direct foreign investment - abroad:
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$13.97 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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182 USD per capita |
Market value of publicly traded shares:
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$286.6 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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3,732 USD per capita |
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 (TRY) per US dollar - 1.3179 (2008 est.), 1.319 (2007), 1.4286 (2006), 1.3436 (2005), 1.4255 (2004)
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; on 1 January 2009 the Turkish government dropped the word "new" and the currency is now called simply the Turkish lira |
Fiscal year:
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calendar year |
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