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Turkey Economy 2017
http://www.theodora.com/wfbcurrent/turkey/turkey_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Turkey Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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. 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.

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
country comparison to the world: 18
[see also: GDP country ranks ]

GDP (official exchange rate):
$735.7 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2016 est.) 4% (2015 est.) 3% (2014 est.)
country comparison to the world: 85
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$21,100 (2016 est.) $20,700 (2015 est.) $20,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 85
[see also: GDP - per capita country ranks ]

Gross national saving:
13% of GDP (2016 est.) 14.5% of GDP (2015 est.) 15% of GDP (2014 est.)
country comparison to the world: 133
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 69.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 26.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.7% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 8.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 64.3% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock

Industries:
textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper

Industrial production growth rate:
4.5% (2016 est.)
country comparison to the world: 45
[see also: Industrial production growth rate country ranks ]

Labor force:
30.24 million
note: about 1.2 million Turks work abroad (2016 est.)
country comparison to the world: 23
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 25.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 48.4% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.8% (2016 est.) 10.3% (2015 est.)
country comparison to the world: 114
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.9% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
40.2 (2010) 43.6 (2003)
country comparison to the world: 61
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $184.3 billion
[see also: Budget revenues country ranks ]
expenditures: $198.8 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
25% of GDP (2016 est.)
country comparison to the world: 117
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2% of GDP (2016 est.)
country comparison to the world: 68
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
32.7% 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
country comparison to the world: 138
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8% (2016 est.) 7.7% (2015 est.)
country comparison to the world: 196
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.25% (31 December 2011) 15% (22 December 2009)
country comparison to the world: 75
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.2% (31 December 2016 est.) 13.66% (31 December 2015 est.)
country comparison to the world: 37
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$119.4 billion (31 December 2016 est.) $107.1 billion (31 December 2015 est.)
country comparison to the world: 32
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$474.7 billion (31 December 2014 est.) $425.1 billion (31 December 2013 est.)
country comparison to the world: 25
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$611.7 billion (31 December 2016 est.) $581.8 billion (31 December 2015 est.)
country comparison to the world: 22
[see also: Stock of domestic credit country ranks ]

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.)
country comparison to the world: 35
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$32.12 billion (2016 est.) -$32.24 billion (2015 est.)
country comparison to the world: 192
[see also: Current account balance country ranks ]

Exports:
$150.1 billion (2016 est.) $152 billion (2015 est.)
country comparison to the world: 30
[see also: Exports country ranks ]

Exports - commodities:
apparel, foodstuffs, textiles, metal manufactures, transport equipment

Exports - partners:
Germany 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.)
country comparison to the world: 22
[see also: Imports country ranks ]

Imports - commodities:
machinery, chemicals, semi-finished goods, fuels, transport equipment

Imports - partners:
China 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.)
country comparison to the world: 22
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$410.4 billion (31 December 2016 est.) $397.8 billion (31 December 2015 est.)
country comparison to the world: 30
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$198.4 billion (31 December 2016 est.) $185.9 billion (31 December 2015 est.)
country comparison to the world: 29
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$53.07 billion (31 December 2016 est.) $45.57 billion (31 December 2015 est.)
country comparison to the world: 42
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Turkish 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.)


NOTE: The information regarding Turkey on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkey Economy 2017 information contained here. All suggestions for corrections of any errors about Turkey Economy 2017 should be addressed to the CIA.




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