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Turkey:
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Other pages in this profile of Turkey:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition 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 is turning around with the implementation of economic reforms, and 2004 GDP growth reached 9%, followed by roughly 5% annual growth from 2005-07. 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, 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. Economic fundamentals are sound, marked by strong economic growth and foreign direct investment. Turkey's high current account deficit leaves the economy vulnerable to destabilizing shifts in investor confidence, however. |
GDP (purchasing power parity) |
Definition - World rank and map $888 billion (2007 est.) |
GDP (official exchange rate) |
Definition $663.4 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 5% (2007 est.) |
GDP - per capita |
Definition - World rank and map $12,900 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 8.9% industry: 28.3% services: 62.8% (2007 est.) |
Labor force |
Definition 23.53 million note: about 1.2 million Turks work abroad (2007 est.) |
Labor force - by occupation |
Definition agriculture: 35.9% industry: 22.8% services: 41.2% (3rd quarter) |
Unemployment rate |
Definition - World rank and map 9.9% plus underemployment of 4% (2007 est.) |
Population below poverty line |
Definition 20% (2002) |
Household income or consumption by percentage share |
Definition lowest 10%: 2% highest 10%: 34.1% (2003) |
Distribution of family income - Gini index |
Definition - World rank and map 43.6 (2003) |
Inflation rate (consumer prices) |
Definition - World rank and map 8.8% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 21.5% of GDP (2007 est.) |
Budget |
Definition revenues: $145.5 billion expenditures: $156.1 billion (2007 est.) |
Public debt |
Definition - World rank and map 38.9% of GDP (2007 est.) |
Agriculture - products |
Definition tobacco, cotton, grain, olives, sugar beets, pulse, citrus; livestock |
Industries |
Definition textiles, food processing, autos, electronics, mining (coal, chromite, copper, boron), steel, petroleum, construction, lumber, paper |
Industrial production growth rate |
Definition - World rank and map 5.4% (2007 est.) |
Electricity - production |
Definition - World rank and map 154.2 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 129 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 1,794.4 kWh (2005) |
Electricity - exports |
Definition 1.798 billion kWh (2005) |
Electricity - imports |
Definition 636 million kWh (2005) |
Oil - production |
Definition - World rank and map 45,460 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 660,800 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 9.2 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 112,600 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 724,400 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 300 million bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 860.3 million cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 26.25 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 365 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 25.48 billion cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 8.147 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$38.03 billion (2007 est.) |
Exports |
Definition - World rank and map $115.3 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition apparel, foodstuffs, textiles, metal manufactures, transport equipment |
Exports - partners |
Definition Germany 11.2%, UK 8.1%, Italy 7%, France 5.6%, Russia 4.4%, Spain 4.3% (2006) |
Imports |
Definition - World rank and map $162.1 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery, chemicals, semi-finished goods, fuels, transport equipment |
Imports - partners |
Definition Russia 13.8%, Germany 10.3%, China 7.8%, Italy 5.9%, US 4.8%, France 4.6% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $76.51 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $247.2 billion (31 December 2007) |
Stock of direct foreign investment - at home |
Definition $106.3 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $11.36 billion (2007 est.) |
Market value of publicly traded shares |
Definition $162.4 billion (2006) |
Economic aid - recipient |
Definition ODA, $464 million (2005) |
Currency (code) |
Definition Turkish lira (TRY); old Turkish lira (TRL) before 1 January 2005 |
Exchange rates |
Definition Turkish liras per US dollar - 1.319 (2007), 1.4286 (2006), 1.3436 (2005), 1.4255 (2004), 1.5009 (2003) 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 |
Fiscal year |
Definition calendar year |
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