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Turkey:
Economy

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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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