unbekannter Gast

Turkey: Economy#

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% 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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Economic Facts#

GDP (purchasing power parity)$1.167 trillion (2013 est.)
$1.124 trillion (2012 est.)
$1.101 trillion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3.8% (2013 est.)
2.2% (2012 est.)
8.8% (2011 est.)
GDP - per capita (PPP)$15,300 (2013 est.)
$15,000 (2012 est.)
$14,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 8.9%
industry: 27.3%
services: 63.8% (2013 est.)
Population below poverty line16.9% (2010)
Household income or consumption by percentage sharelowest 10%: 2.1%
highest 10%: 30.3% (2008)
Labor force - by occupationagriculture: 25.5%
industry: 26.2%
services: 48.4% (2010)
Exports - commoditiesapparel, foodstuffs, textiles, metal manufactures, transport equipment
Exports - partnersGermany 8.6%, Iraq 7.1%, Iran 6.5%, UK 5.7%, UAE 5.4%, Russia 4.4%, Italy 4.2%, France 4.1% (2012)
Agriculture - productstobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock
Budgetrevenues: $190.4 billion
expenditures: $207.9 billion (2013 est.)
Imports - commoditiesmachinery, chemicals, semi-finished goods, fuels, transport equipment
Imports - partnersRussia 11.3%, Germany 9%, China 9%, US 6%, Italy 5.6%, Iran 5.1% (2012)
Exchange ratesTurkish liras (TRY) per US dollar -
1.899 (2013 est.)
1.796 (2012 est.)
1.5028 (2010 est.)
1.55 (2009)
1.3179 (2008)
Exports$167.6 billion (2013 est.)
$163.3 billion (2012 est.)
Debt - external$359.5 billion (31 December 2013 est.)
$336.7 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$242.9 billion (2013 est.)
$228.6 billion (2012 est.)
Industrial production growth rate3.5% (2013 est.)
Industriestextiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Inflation rate (consumer prices)7.6% (2013 est.)
8.9% (2012 est.)
Labor force27.91 million
note: about 1.2 million Turks work abroad (2013 est.)
Unemployment rate9.3% (2013 est.)
9.2% (2012 est.)
Distribution of family income - Gini index40.2 (2010)
43.6 (2003)
Public debt36.6% of GDP (2013 est.)
37.6% of GDP (2012 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
Current account balance-$58.35 billion (2013 est.)
-$47.75 billion (2012 est.)
Reserves of foreign exchange and gold$117.6 billion (31 December 2013 est.)
$119.2 billion (31 December 2012 est.)
GDP (official exchange rate)$821.8 billion (2013 est.)
Stock of direct foreign investment - at home$194.2 billion (31 December 2013 est.)
$181.7 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$33.44 billion (31 December 2013 est.)
$30.94 billion (31 December 2012 est.)
Market value of publicly traded shares$308.8 billion (31 December 2012 est.)
$201.8 billion (31 December 2011)
$306.7 billion (31 December 2010 est.)
Central bank discount rate5.25% (31 December 2011)
15% (22 December 2009)
Commercial bank prime lending rate18.5% (31 December 2013 est.)
19% (31 December 2012 est.)
Stock of domestic credit$549.5 billion (31 December 2013 est.)
$552.3 billion (31 December 2012 est.)
Stock of narrow money$80.72 billion (31 December 2013 est.)
$85.23 billion (31 December 2012 est.)
Stock of broad money$383.5 billion (31 December 2013 est.)
$405.6 billion (31 December 2012 est.)
Taxes and other revenues23.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 71%
government consumption: 15.4%
investment in fixed capital: 19.4%
investment in inventories: 0%
exports of goods and services: 26.6%
imports of goods and services: -32.5%
(2013 est.)
Gross national saving19.4% of GDP (2013 est.)
20.2% of GDP (2012 est.)
23.6% of GDP (2011 est.)