| Economy | Turkey |
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Economy - overview:
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Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 30% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen 40%. Continued strong growth has pushed inflation to near 10%, however, and worsened and already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. |
GDP (purchasing power parity):
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$1.053 trillion (2011 est.)
$988 billion (2010 est.)
$906.9 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$14,600 (2011 est.)
$13,800 (2010 est.)
$12,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$763.1 billion (2011 est.) |
GDP - real growth rate:
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6.6% (2011 est.)
8.9% (2010 est.)
-4.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 9.2%
industry: 26.9%
services: 63.9% (2011 est.) |
Investment (gross fixed):
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21.8% of GDP (2011 est.) |
Population below poverty line:
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16.9% (2010) |
Household income or consumption by percentage share:
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lowest 10%: 2.1%
highest 10%: 30.3% (2008) |
Distribution of family income - Gini index:
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40.2 (2010)
43.6 (2003) |
Inflation rate (consumer prices):
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7.8% (2011 est.)
8.6% (2010 est.) |
Central bank discount rate:
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5.25% (31 December 2011)
15% (22 December 2009) |
Commercial bank prime lending rate:
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16% (31 December 2011 est.)
19% (31 December 2010 est.) |
Stock of money:
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$37.1 billion (31 December 2009)
$53.25 billion (31 December 2008) |
Stock of money - per capita:
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471 USD per capita |
Stock of quasi money:
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$313.5 billion (31 December 2009)
$311.1 billion (31 December 2008) |
Stock of quasi money - per capita:
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3,980 USD per capita |
Stock of domestic credit:
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$573.8 billion (31 December 2011 est.)
$496 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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7,284 USD per capita |
Stock of narrow money:
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$61.83 billion (31 December 2011 est.)
$58.27 billion (31 December 2010 est.) |
Stock of broad money:
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$400.3 billion (31 December 2010 est.)
$349.6 billion (31 December 2009 est.) |
Labor force:
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26.46 million
note: about 1.2 million Turks work abroad (2011 est.) |
Labor force participation rate:
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33.58 % of population |
Labor force - by occupation:
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agriculture: 25.5%
industry: 26.2%
services: 48.4% (2010) |
Unemployment rate:
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10.3% (2011 est.)
12% (2010 est.)
note: underemployment amounted to 4% in 2008 |
Unemployment, youth ages 15-24:
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total: 25.3%
male: 25.4%
female: 25.1% (2009) |
Budget:
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revenues: $176.8 billion
expenditures: $189.2 billion (2011 est.) |
Budget revenues per capita:
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2,245 USD per capita |
Taxes and other revenues:
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23.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-1.6% of GDP (2011 est.) |
Public debt:
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42.4% of GDP (2011 est.)
43% of GDP (2010 est.)
note: data cover central Government Debt, and excludes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are sold at public auctions. |
Industries:
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textiles, food processing, autos, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper |
Industrial production growth rate:
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8.5% (2011 est.) |
Electricity - production:
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185.2 billion kWh (2009 est.) |
Electricity - production per capita:
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2,351 kWh per capita |
Electricity - consumption:
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161 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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2,044 kWh per capita |
Electricity - exports:
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1.55 billion kWh (2009 est.) |
Electricity - imports:
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737 million kWh (2009 est.) |
Oil - production:
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55,110 bbl/day (2010 est.) |
Oil - production per capita:
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700 bbl/day per capita |
Oil - consumption:
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646,300 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.99 bbl/year per capita |
Oil - exports:
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68,450 bbl/day (2009 est.) |
Oil - imports:
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581,000 bbl/day (2009 est.) |
Oil - proved reserves:
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270.4 million bbl (1 January 2011 est.) |
Natural gas - production:
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674 million cu m (2010 est.) |
Natural gas - production per capita:
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9 cu m per capita |
Natural gas - consumption:
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38.12 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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484 cu m per capita |
Natural gas - exports:
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649 million cu m (2010 est.) |
Natural gas - imports:
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38.04 billion cu m (2010 est.) |
Natural gas - proved reserves:
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6.173 billion cu m (1 January 2011 est.) |
Agriculture - products:
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tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulse, citrus; livestock |
Current account balance:
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-$71.94 billion (2011 est.)
-$47.74 billion (2010 est.) |
Current account balance - per capita:
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-913 USD per capita |
Exports:
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$133 billion (2011 est.)
$120.9 billion (2010 est.) |
Exports per capita:
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1,689 USD per capita |
Exports - commodities:
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apparel, foodstuffs, textiles, metal manufactures, transport equipment |
Exports - partners:
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Germany 10.1%, UK 6.4%, Italy 5.7%, France 5.3%, Iraq 5.3%, Russia 4.1% (2010) |
Imports:
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$212.2 billion (2011 est.)
$177.3 billion (2010 est.) |
Imports per capita:
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2,694 USD per capita |
Imports - commodities:
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machinery, chemicals, semi-finished goods, fuels, transport equipment |
Imports - partners:
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Russia 11.6%, Germany 9.5%, China 9.3%, US 6.6%, Italy 5.5%, France 4.4%, Iran 4.1% (2010) |
Reserves of foreign exchange and gold:
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$96.05 billion (31 December 2011 est.)
$86.08 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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1,220 USD per capita |
Debt - external:
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$313.6 billion (31 December 2011 est.)
$290.7 billion (31 December 2010 est.) |
Debt - external - per capita:
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3,981 USD per capita |
Stock of direct foreign investment - at home:
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$98.98 billion (31 December 2011 est.)
$86.98 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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1,257 USD per capita |
Stock of direct foreign investment - abroad:
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$18.63 billion (31 December 2011 est.)
$16.88 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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237 USD per capita |
Market value of publicly traded shares:
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$306.7 billion (31 December 2010)
$225.7 billion (31 December 2009)
$117.9 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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3,893 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 -
1.668 (2011 est.)
1.5028 (2010 est.)
1.55 (2009)
1.3179 (2008)
1.319 (2007) |
Fiscal year:
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calendar year |
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