Economy of Turkey

Economy - overview
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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an 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)
$1.087 trillion (2011 est.)
$919.7 billion (2009 est.)
data are in 2011 US dollars
Get Chart Code
Get Chart Code
GDP (official exchange rate)
$778.1 billion (2011 est.)
GDP - real growth rate
8.5% (2011 est.)
-4.8% (2009 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
GDP - per capita (PPP)
$14,700 (2011 est.)
$12,800 (2009 est.)
data are in 2011 US dollars
Get Chart Code
Get Chart Code
GDP - composition by sector
agriculture:
9.3%
industry:
28.1%
services:
62.6% (2011 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Labor force
27.43 million
rank:
23
about 1.2 million Turks work abroad (2011 est.)
Labor force - by occupation
agriculture:
25.5%
industry:
26.2%
services:
48.4% (2010)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Unemployment rate
9.8% (2011 est.)
12% (2010 est.)
underemployment amounted to 4% in 2008
Population below poverty line
16.9% (2010)
Household income or consumption by percentage share
lowest 10%:
2.1%
highest 10%:
30.3% (2008)
Distribution of family income - Gini index
40.2 (2010)
43.6 (2003)
Investment (gross fixed)
21.8% of GDP (2011 est.)
rank:
70
Budget
revenues:
$176.7 billion
expenditures:
$187.1 billion (2011 est.)
Taxes and other revenues
22.7% of GDP (2011 est.)
rank:
139
Budget surplus (+) or deficit (-)
-1.3% of GDP (2011 est.)
rank:
67
Get Chart Code
Get Chart Code
Public debt
39.9% of GDP (2011 est.)
43.1% of GDP (2010 est.)
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
Inflation rate (consumer prices)
6.5% (2011 est.)
8.6% (2010 est.)
Get Chart Code
Get Chart Code
Central bank discount rate
5.25% (31 December 2011)
15% (22 December 2009)
Commercial bank prime lending rate
16% (31 December 2011 est.)
19% (31 December 2010 est.)
Stock of narrow money
$95.47 billion (31 December 2011 est.)
$58.27 billion (31 December 2010 est.)
Stock of broad money
$375.2 billion (31 December 2011 est.)
$349.6 billion (31 December 2009 est.)
Stock of domestic credit
$573.8 billion (31 December 2011 est.)
$496 billion (31 December 2010 est.)
Market value of publicly traded shares
$201.8 billion (31 December 2011)
$225.7 billion (31 December 2009)
Agriculture - products
tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock
Industries
textiles, food processing, autos, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Industrial production growth rate
9.2% (2011 est.)
rank:
17
Electricity - production
185.2 billion kWh (2009 est.)
rank:
20
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Electricity - consumption
161 billion kWh (2008 est.)
rank:
21
Get Chart Code
Get Chart Code
Electricity - exports
1.55 billion kWh (2009 est.)
Electricity - imports
737 million kWh (2009 est.)
Oil - production
55,110 bbl/day (2010 est.)
rank:
60
Oil - consumption
646,300 bbl/day (2010 est.)
rank:
27
Get Chart Code
Get Chart Code
Oil - exports
68,450 bbl/day (2009 est.)
rank:
73
Oil - imports
581,000 bbl/day (2009 est.)
rank:
20
Oil - proved reserves
270.4 million bbl (1 January 2011 est.)
rank:
58
Natural gas - production
674 million cu m (2010 est.)
rank:
66
Natural gas - consumption
38.12 billion cu m (2010 est.)
rank:
25
Natural gas - exports
649 million cu m (2010 est.)
rank:
40
Natural gas - imports
38.04 billion cu m (2010 est.)
rank:
10
Natural gas - proved reserves
6.173 billion cu m (1 January 2011 est.)
rank:
87
Current account balance
-$77.16 billion (2011 est.)
-$46.64 billion (2010 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Exports
$143.5 billion (2011 est.)
$120.9 billion (2010 est.)
Exports - commodities
apparel, foodstuffs, textiles, metal manufactures, transport equipment
Exports - partners
Germany 10.3%, Iraq 6.2%, UK 6%, Italy 5.8%, France 5%, Russia 4.4% (2009 est.)
Imports
$232.9 billion (2011 est.)
$177.3 billion (2010 est.)
Imports - commodities
machinery, chemicals, semi-finished goods, fuels, transport equipment
Imports - partners
Russia 9.9%, Germany 9.5%, China 9%, US 6.7%, Italy 5.6%, Iran 5.2% (2009 est.)
Reserves of foreign exchange and gold
$88.21 billion (31 December 2011 est.)
$85.97 billion (31 December 2010 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Debt - external
$306.6 billion (31 December 2011 est.)
$293.9 billion (31 December 2010 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Stock of direct foreign investment - at home
$102.6 billion (31 December 2011 est.)
$86.74 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$19.35 billion (31 December 2011 est.)
$16.88 billion (31 December 2010 est.)
Exchange rates
1.319 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

Comments are closed.