The Republic of Turkey is a Eurasian country located in Western Asia (mostly in the Anatolian peninsula) and in East Thrace in South Eastern Europe. Turkey is a parliamentary representative democracy since the foundation of republic in 1923. Turkey's constitution governs the legal framework of the country. It sets out the main principles of government and establishes Turkey as a unitary centralized state. Turkey has become increasingly integrated with the West through membership in Organizations such as the EU, NATO, OECD and the G-20 major economies. Turkey has also fostered close cultural, political, economic and industrial relations with the Middle East, the Turkic states of Central Asia and the African countries through membership in Organizations such as the Organization of Islamic Cooperation, Economic Cooperation Organization and also D-8 Organization for Economic Cooperation.

Turkey has the world's 15th largest GDP-PPP and 17th largest nominal GDP. The country is a founding member of the OECD and the G-20 major economies. The Turkish economy has shown remarkable performance with its steady growth over the last eight years. A sound macroeconomic strategy in combination with prudent fiscal policies and major structural reforms in effect since 2002 has integrated the Turkish economy into the globalized world, while transforming the country into one of the major recipients of FDI in its region. The structural reforms, hastened by Turkey’s EU accession process, have paved the way for comprehensive changes in a number of areas. The main objectives of these efforts were to increase the role of the private sector in the Turkish economy, to enhance the efficiency and resiliency of the financial sector, and to place the social security system on a more solid foundation. As these reforms have strengthened the macroeconomic fundamentals of the country, the economy grew with an average annual real GDP growth rate of 5.2 percent over the past nine years between 2002 and 2011.

Together with stable economic growth, Turkey has also reined in its public finances; the EU-defined general government nominal debt stock fell to 39.4 percent from 74 percent in a period of nine years between 2002 and 2011. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, during 2002-2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance. As the GDP levels more than tripled to USD 772 billion in 2011, up from USD 231 billion in 2002, GDP per capita soared to USD 10,444, up from USD 3,500 in the given period. The visible improvements in the Turkish economy have also boosted foreign trade, while exports reached USD 135 billion by the end of 2011, up from USD 36 billion in 2002. Similarly, tourism revenues, which were around USD 8.5 billion in 2002, exceeded USD 23 billion in 2011. Significant improvements in such a short period of time have registered Turkey on the world economic scale as an exceptional emerging economy, the 16th largest economy in the world and the 5th largest economy when compared with the EU countries, according to GDP figures (at PPP) in 2011. While many economies have been unable to recover from the recent global financial recession, the Turkish economy expanded by 9.2 percent in 2010, and 8.5 percent in 2011, thus standing out as the fastest growing economy in Europe, and one of the fastest growing economies in the world.

Source: Invesment Support and Promotion Agency, Turkey.


General Information
Official Name Republic of Turkey
Capital Ankara
Main Cities Istanbul, Ankara, Izmir, Adana, Kocaeli, Bursa, Konya, Gaziantep, Diyarbakir
Languages Turkish
Government Parliamentary Democracy
Independence Day 29 october 1923
Area 783 thousand sq km
Population 75 million (Aril 2013 est.)
Currency Turkish Lira
Fiscal Year Calendar Year
Climate Mediterranean on the south coast, continental inland
Time Zone GMT+2
Measures Metric system
Main Airports Istanbul Atatürk, Istanbul Sabiha Gokcen, Ankara Esenboga, Izmir, Antalya
Main Harbors Istanbul, Izmir, Mersin, Antalya, Izmit, Samsun
Source: National sources,2013
Economic Information
  2005 2006 2007 2008 2009 2010 2011 2012
GDP  
Nominal GDP (US$bn) 483 531 647 730 615 713 759 781
Real GDP Growth (%) 8.4 6.9 4.7 0.7 -4.7 9.0 8.5 2.8
Expenditure on GDP (% real change)
Private Consumption 7.9 4.6 5.5 -0.3 -2.3 3.0 7.7 4.0
Government Consumption 2.5 8.4 6.5 1.7 7.8 10.0 4.5 4.7
Gross fixed Investment 17.47 13.3 3.1 -6.2 -19.2 4.5 18.3 8.0
Export of goods & Services 7.9 6.6 7.3 2.7 -5.4 4.5 6.5 4.2
Import of goods & Services 12.2 6.9 10.7 -4.1 14.4 8.8 10.6 9.0
Origin of GDP (%real change)
Agriculture 7.2 1.4 -6.7 4.3 3.6 0.0 3.1 2.8
Industry 8.7 10.2 5.8 -1.3 8.6 3.5 4 4
Services 8.0 6.0 6.1 1.6 -3.2 5.0 6.2 6
GDP per capita(US$ at PPP) 10,728 11,714 12,480 12,700 12,130 12,660 12,881 12,971
Recorded Unemployment(av,%) 10.2 9.9 10.3 11.0 14.0 13.2 12.8 13.1
Fiscal Indicator (% of GDP)
Central Government Revenue 21.3 22.9 22.6 22.1 22.5 21.2 22.1 22.3
Central Government Expenditure 22.5 23.5 24.2 23.9 28.0 26.4 27.3 27.2
Central Government Balance -1.5 -0.6 -1.6 -1.8 -5.5 -5.3 -5.1 -5.2
Gross Public Debt 51.1 45.5 39.6 40.0 46.3 48.5 50.7 52.1
Prices and financial indicators
Exchange Rates TL:US$ (end-period) 1.345 1.409 1.171 1.526 1.491 1.572 1.61 1.85
Consumer Prices (av.; % change) 7.7 9.7 8.4 10.1 6.5 2.139 6.5 9
Stock of money M1(%change) 120..2 6.6 11.2 9.0 12.6 9.5 10.3 10.5
Lending interest rate(av.;%) 26.0 28.0 27.0 26.5 21.0 21.5 21.5 21.7
Current Account(US$m)
Trade Balance -32.988 -40.941 -46.669 -52.844 -24.845 -71.560 -71,613 -84,008
Goods: exports fob 78,365 93,611 115,356 140,999 109,646 113,975 134,828 152,536
Goods: imports fob -111,353 -134,552 -162,025 -193,843 -134,491 -185,535 206,441 -236,544
Services Balance 15,272 13,831 13,879 17,513 16,371 18,617 18,781 18,811
Income Balance -5,875 -6,691 -7,143 -7,964 -7,667 -8.883 -9,017 -9,154
Current-transfer Balance 1,454 1,908 2,236 2,006 2,288 2,651 2,815 3,075
Current-account Balance -22,137 -31,893 -37,697 -41,289 -13,853 -28,272 -32,715 -35,183
External Debt (US$m)
Debt Stock 169,269 207,773 251,477 278,326 271,140 284,572 291,705 295,317
Debt service paid 41,010 40,510 48,97 63,049 67,507 53,979 62,171 65,178
Principal repayments 32,537 31,012 36,807 49,433 58,549 45,720 49,315 51,418
Interest 8,474 9,498 11,989 13,616 8,958 8,260 8,711 9,167
International reserves(US$m)
Total international reserves 52,491 63,265 76,507 73,657 74,995 77,605 79,116 82,321
Source: IMF, International Financial Statistics 2013
Turkey Trade with World
US$ Mn. 2006 2007 2008 2009 2010 2011 2012
Export (fob) 85,535 107,272 126,064.3 102,139 113,975 134,828 152,536
Import (cif) 139,576 170,063 191,260 140,869 185,535 206,441 236,544
Trade Volume 225,111 277,335 317,324.3 243,008 299,510 341,269 389,080
Trade Balance -54,041 -63,791 -65,195.3 -38,730 -71,560 -71,613 -84,080
World Trade (US$ Bn) 24,294 27,845 32,215 24,948 28,143 135,397 36,355
Share 0.92% 0.99% 0.98% 0.97% 1.06% 0.96% 1.0%
Source: IMF, International Financial Statistics 2013
Turkey Trade with D-8 Countries
US$ Mn. 2006 2007 2008 2009 2010 2011 2012
Export (fob) 2,225.73 2,953.76 4,033.85 5,589.50 6,447 7,580 14,941
Import (cif) 8,912.95 11,179.6 13,619.63 7,773.33 13,369 19,477 17,260
Trade Volume 11,138.68 14,133.36 17,653.48 13,362.83 19,816 27,057 32,201
Trade Balance -6,687.22 -8,225.84 -9,585.78 -2,183.83 -6,922 -11,897 -2,319
D-8 Intra Trade (US$ Mn) 49,806.52 66,828.03 78,382.2 66,947.63 101,139 129,493 148,191
Share 22.36% 21.15% 22.52% 19.96% 19.59% 20.9% 21.7%
Source: IMF, International Financial Statistics 2013
Turkey Trade By 10 Main Commodities
Export by 10 Principal Commodities, (million US$)
No. Commodity 2006 2007 2008 2009 2010 2011 2012
1. Vehicles other than railway, tramway 11,886.09 15,903.67 18,326.82 12,257.71 13,814.5 15,805 15,150
2. Nuclear reactors, boilers, machinery, etc. 6,516.72 8,781.25 10,258.09 8,131.79 9,415.3 11,563 12,006
3. Iron and steel 6,273.35 8,372.26 14,946.35 7,641.79 8,761.2 11,234 11,333
4. Articles of apparel, accessories, knit or crochet 6,938.27 8,022.46 7,827.99 6,930,66 7,741.7 8,396 8,427
5. Electrical, electronic equipment 6,327.75 7,422.51 7,970.47 6,658.16 7,530.9 8,887 9,380
6. Pearls, precious stones, metals, coins, etc. 1,824.13 2,623.77 5,383.13 5,929.22 4,855.1 3,744 16,327
7. Mineral fuels, oils, distillation products, etc. 3,567.42 5,147.93 7,531.46 5,030.49 4,639.9 6,535 7,708
8. Articles of iron or steel 3,336.37 4,129.75 5,742.37 4,551.07 4,505.8 5,760 6,100
9. Articles of apparel, accessories, not knit or crochet 4,710.98 5,445.28 5,326.79 4,295.21 3,748.6 5,129 5,435
10. Plastics and articles thereof 2,214.26 2,822.05 3,563.19 3,093.38 3,717.4 4,581 5,015
Import by 10 Principal commodities, (million US$)
No. Commodity 2006 2007 2008 2009 2010 2011 2012
1. Mineral fuels, oils, distillation products, etc. 28,859.1 33,883.1 48,281.2 29,887.1 38,496.3 54,113 60,116
2. Machinery, nuclear reactors, boilers, etc. 18,998.7 22,570.3 22,539.3 17,124.5 21,266.4 27,107 28,314
3. Iron and steel 11,525.2 16,182.4 23,157.9 11,341 16,118.9 20,424 19,642
4. Electrical, electronic equipment 10,881.3 13,295.4 13,892.2 12,244.1 14,641.8 16,835 16,279
5. Vehicles other than railway, tramway 11,408.4 12,397.3 12,789.6 8,972.9 13,419.4 17,184 14,514
6. Plastics and articles thereof 6,918.4 8,688.1 9,385.5 6,938.8 9,730.4 12,578 12,505
7. Pharmaceutical products 3,035.6 3,523.6 4,360.5 4080497 4,410.1 4,697 3,995
8. Organic chemicals 3,642.2 3,995.8 4,421.3 3,340.6 4,400.3 5,504 5,064
9. Optical, photo, technical, medical, apparatus, etc. 2,722.9 3,012.1 3,444.9 2,832.8 3,437.7 4,116 4,055
10. Cotton 2,090.2 2,829.5 2,331.9 2,097.9 3,385.8 3,608 2,377
Source: WTO, International Trade Centre 2013
Export and Import by Main Destination Country
Export by Main Destination Country (% of total)
2005 2006 2007 2008 2009 2010 2010 2012
Germany 12.9 11.3 11.2 9.8 9.6 10.1 10.3 8.6
United Kingdom 8.1 8 8 6.2 5.8 6.4 6 5.7
Italy 7.6 7.9 7 5.9 5.8 5.7 5.8 4.2
France 5.2 5.4 5.6 5 6.1 5.3 5 4.1
Iraq 3.7 3 2.7 3 5 5.3 6.2 7.1
Russia 3.2 3.8 4.4 4.9 3.1 4.1 4.4 4.4
Other 59.3 60.6 61.1 65.2 64.6 63.1 62.3 65.9
Source: WTO, International Trade Centre 2013
Import by Main Destination Country (% of total)
2005 2006 2007 2008 2009 2010 2011 2012
Russian Federation 11.1 12.8 13.8 15.5 10.3 11.6 9.9 11.3
Germany 11.7 10.6 10.3 9.3 10.6 9.5 9.5 9
China 5.9 6.9 7.8 7.8 9.5 9.3 9 9
United States of America 4.6 4.5 4.8 5.9 6.5 6.6 6.7 6
Italy 6.5 6.2 5.9 5.5 5.8 5.5 5.6 5.6
France 5.0 5.2 4.6 4.5 5.0 4.4 3.8 3.6
Other 55.2 53.8 52.8 51.5 52.3 53.1 10.3 11.6
Source: WTO, International Trade Centre 2013
Foreign Direct Investment (Overview, selected years)
US$(Mn.) FDI Flows FDI Stocks
2005 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012
Inward 10,031 20,185 22,046 19,504 8,411 9,038 15,876 12,419 71,302 95,127 155,162 80,383 143,736 186,980 140,017 181,066
Outward 1,064 924 2,106 2,585 1,551 1.464 2,464 4,073 8,315 8,866 12,210 17,846 22,250 22,509 26,398 30,471
Source: UNCTAD, 2013
Agriculture: Food Commodities
US$ Mn 2008 2009 2010 2011 2012
Export 2,375 2,286 2,734.5 3,015 3,238
Import 6,532.7 5,273 4,210.3 4,873 4,511
Trade Volume 8,907.7 7,559 6,944.8 7,888 7,749
Trade Balance -4,157.7 -2,987 -1,475.8 -1,858 -1,273
Turkey's Total Trade 317,324.3 243,008 299,510 341,269 389,080
Share to Turkey's Total Trade 2.8% 3.1% 2.3% 2.3% 2.0%
Source: WTO,FAO 2011.
Energy
Oil
Petroleum(Thousand Barrels per Day) 2006 2007 2008 2009 2010 2011 2012
Total Oil Production 43.95 45.53 46.12 46.84 47.24 47.52 47.6
Consumption 677.62 690.55 675.54 680.24 700.12 701.3 702
Refinery 714 714 719 719 719 719 719
Proved Reserved(Billion barrels) 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Natural Gas
Natural Gas(Billion Cubic Feet/Day) 2006 2007 2008 2009 2010 2011 2012
Total Production 0.032 0.031 0.031 0.031 0.031 0.031 0.031
Consumption 1.10 3.4 3.5 3.5 3.6 3.6 3.6
Proved Reserved(Trillion cubic meters,TCM) 0.30 0.30 0.30 0.30 0.30 0.30 0.30
Others Energy
Energy Year
2008 2009 2010 2011 2012
Biofuels production (Thousand barrels daily) 1.3 1.3 1.4 1.5 1.6
Electricity Generation (Terawatt-hours) 33.3 36.0 51.9 52.1 52.2
Renewable Energy (Installed Capacity) Geothermal (mega-watts) 34.6 81.6 81.6 81.6 81.6
Solar (maga-watts) 4.0 5.0 6.0 6.0 6.1
Wind (mega-watts) 512 984 1,512 1,520 1,523
Source: BP statistics, 2013