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. 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, petrochemical, 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 has brought up to 1 million barrels per day from the Caspian region to market. The joint Turkish-Azeri Trans Anatolian Natural Gas Pipeline (TANAP) is moving forward to help transport Caspian gas to Europe through Turkey, helping to address Turkey's dependence on imported gas, which currently meets 98% 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 crisis. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at yearend 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, uncertain commitment to structural reform, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains overly dependent on often volatile, short-term investment to finance its large current account deficit.

Economic Facts#

GDP (purchasing power parity)$1.67 trillion (2016 est.)
$1.617 trillion (2015 est.)
$1.555 trillion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$735.7 billion (2015 est.)
GDP - real growth rate3.3% (2016 est.)
4% (2015 est.)
3% (2014 est.)
GDP - per capita (PPP)$21,100 (2016 est.)
$20,700 (2015 est.)
$20,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving13% of GDP (2016 est.)
14.5% of GDP (2015 est.)
15% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 69.5%
government consumption: 15.5%
investment in fixed capital: 18.8%
investment in inventories: -1%
exports of goods and services: 26.9%
imports of goods and services: -29.7% (2016 est.)
GDP - composition, by sector of originagriculture: 8.6%
industry: 27.1%
services: 64.3% (2016 est.)
Agriculture - productstobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock
Industriestextiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Industrial production growth rate4.5% (2016 est.)
Labor force30.24 million
note: about 1.2 million Turks work abroad (2016 est.)
Labor force - by occupationagriculture: 25.5%
industry: 26.2%
services: 48.4% (2010)
Unemployment rate9.8% (2016 est.)
10.3% (2015 est.)
Population below poverty line16.9% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 2.1%
highest 10%: 30.3% (2008)
Distribution of family income - Gini index40.2 (2010)
43.6 (2003)
Budgetrevenues: $184.3 billion
expenditures: $198.8 billion (2016 est.)
Taxes and other revenues25% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2% of GDP (2016 est.)
Public debt32.7% of GDP (2016 est.)
34.7% of GDP (2015 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 i
Fiscal yearcalendar year
Inflation rate (consumer prices)8% (2016 est.)
7.7% (2015 est.)
Central bank discount rate5.25% (31 December 2011)
15% (22 December 2009)
Commercial bank prime lending rate15.2% (31 December 2016 est.)
13.66% (31 December 2015 est.)
Stock of narrow money$119.4 billion (31 December 2016 est.)
$107.1 billion (31 December 2015 est.)
Stock of broad money$474.7 billion (31 December 2014 est.)
$425.1 billion (31 December 2013 est.)
Stock of domestic credit$611.7 billion (31 December 2016 est.)
$581.8 billion (31 December 2015 est.)
Market value of publicly traded shares$188.9 billion (31 December 2015 est.)
$219.8 billion (31 December 2014 est.)
$195.7 billion (31 December 2013 est.)
Current account balance-$32.12 billion (2016 est.)
-$32.24 billion (2015 est.)
Exports$150.1 billion (2016 est.)
$152 billion (2015 est.)
Exports - commoditiesapparel, foodstuffs, textiles, metal manufactures, transport equipment
Exports - partnersGermany 9.3%, UK 7.3%, Iraq 5.9%, Italy 4.8%, US 4.5%, France 4.1% (2015)
Imports$197.8 billion (2016 est.)
$200.1 billion (2015 est.)
Imports - commoditiesmachinery, chemicals, semi-finished goods, fuels, transport equipment
Imports - partnersChina 12%, Germany 10.3%, Russia 9.9%, US 5.4%, Italy 5.1% (2015)
Reserves of foreign exchange and gold$115 billion (31 December 2016 est.)
$110.5 billion (31 December 2015 est.)
Debt - external$410.4 billion (31 December 2016 est.)
$397.8 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$198.4 billion (31 December 2016 est.)
$185.9 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$53.07 billion (31 December 2016 est.)
$45.57 billion (31 December 2015 est.)
Exchange ratesTurkish liras (TRY) per US dollar -
2.976 (2016 est.)
2.72 (2015 est.)
2.72 (2014 est.)
2.1885 (2013 est.)
1.8 (2012 est.)