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 76.48 million
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,2014
Economic Information
  2009 2010 2011 2012 2013
Key Economic Indicator  
GDP Nominal, Current Price(US$, billion) 614 731.5 774.7 788 827.2
GDP Growth (%) -4.8 9.1 8.7 2.2 4.3
Current Account Balance(% of GDP) -2 -6.21 -9.7 -6.2 -7.8
Inflation, Consumer Prices(%) 6.25 8.5 6.5 8.9 7.5
Foreign Direct Investment(FDI) Inflows(US$, million) 8,663 9,036 16,047 12,419 13,684
General Government Balance (% of GDP) -6.0 -3.4 -0.65 -1.8 -1.5
Economic Growth (% real change)
Private Consumption -2.4 6.7 7.7 -0.5 4.6
Government Consumption 7.0 1.8 5.4 6.0 5.9
Gross fixed Investment -19.3 30.2 18.5 -2.7 4.2
Export of goods & Services -5.5 3.5 7.9 16.2 0.2
Import of goods & Services -14.7 20.7 11.0 -0.6 8.5
Structure of Economy (% of GDP)
Agriculture 9.11 9.45 9.01 8.6 8.35
Industry 25.29 26.42 27.45 27.60 27.50
Services 65.60 64.13 63.54 63.80 64.15
Economic Policy
Budget Balance(% of GDP) -5.5 -3.6 -1.4 -2.1 -1.2
Public Debt(% of GDP) 46 43 40 38 38
Money Market interest rate(%) 9.2 5.8 3.0 5.0 5.4
M2 Growth (% change) 13 19 12 13 23
Exchange Reate LCU to USD 1.5 1.5 1.7 1.8 1.9
Balance of Payments (US$, million)
Current Account Balance -26,086 -60,656 -57,657 -67,270 -110,311
Trade Balance -38,730 -71,560 -71,613 -84,008 -103,359
Exports (Goods) 102,139 113,975 134,828 152,536 148,291
Imports (Goods) 140,869 185,535 206,441 236,544 251,650
Service Balance 18,543 16,595 20,053 22,466 -9,344
Income Balance -8,308 -7,214 -7,855 -7,161 1,196
Transfer Balance 2,409 1,523 1,758 1,433 1,196
Net direct investment flows 7,076 7,594 13,822 9,150 9,758
Net portfolio investment flows -1,038 10,103 17,389 28,575 11,962
Net debt flows 13,989 29,289 17,639 40,062 50,141
Other Capital Flows (* negative is flight) 21,413 9,409 28,472 1,677 4,905
Change in International reserves 1,338 10,976 2,239 30,968 11,826
External Position(US$m)
Toral Foreign Debt 277,270 299,183 305,481 337,492 388,239
Short-term debt 48,993 77,326 81,934 100,832 129,095
Total debt service duw, incl. short-term debt 115,002 108,198 133,569 137,233 156,889
Total Foreign exchange reserves 70,874 80,713 78,322 99,943 110,927
International inverstment position -276,598 -361,759 -315,207 -421,551 -390,100
Total assets 182,075 185,927 179,719 231,011 225,500
Total liabilities 458,673 547,686 494,926 634,562 615,600
Population and Income
Population (Million) 72 73 73.95 74.88 76.48
GDP per capita at PPP(US$) 12,085.7 13,177.7 14,428.2 14,811.7 15,352.6
Unemployment Rate (% of total labor force) 14 11.8 9.8 9.2 9.7
Source: IMF, International Financial Statistics 2014
Turkey Trade with World
US$ Mn. 2009 2010 2011 2012 2013
Export (fob) 102,139 113,975 134,828 152,536 148,291
Import (cif) 140,869 185,535 206,441 236,544 251,650
Trade Volume 243,009 299,510 341,269 389,080 399,941
Trade Balance -38,730 -71,560 -71,613 -84,008 -103,359
World Trade (US$ Bn) 24,949 28,143 35,397 36,377 37,774
Share 0.97% 1.06% 0.96% 1.07% 1.06%
Source: IMF, International Financial Statistics 2014
Turkey Trade with D-8 Countries
US$ Mn. 2009 2010 2011 2012 2013
Export (fob) 5,589.50 6,447 7,580 14,941 8,648
Import (cif) 7,773.33 13,369 19,477 17,260 16,823
Trade Volume 13,362.83 19,816 27,057 32,201 25,471
Trade Balance -2,183.83 -6,922 -11,897 -2,319 -8,175
D-8 Intra Trade (US$ Mn) 66,947.62 101,139 129,493 148,191 133,064
Share 20% 19.6% 20.9% 21.7% 19.1%
Source: IMF, International Financial Statistics 2014
Turkey Trade By 10 Main Commodities
Export by 10 Principal Commodities, (million US$)
No. Commodity 2009 2010 2011 2012 2013
1. Vehicles other than railway, tramway 12,258 13,814 15,803 15,150 17,004
2. Machinery, nuclear reactors, boilers, etc. 8,131 9,415 11,560 12,006 12,997
3. Iron and Steel 7,639 8,761 11,225 11,333 9,934
4. Electrical and Electronic Equipments 6,641 7,531 8,874 9,380 9,551
5. Articles of apparel, accessories, knit or crochet 6,927 7,742 8,387 8,428 9,256
6. Pearls, precious stones, metals, coins, etc. 5,929 3,748 3,739 16,327 6,978
7. Mineral fuels, oils, distillation products, etc. 3,901 4,506 6,539 7,708 6,713
8. Articles of Iron and Steel 4,551 4,855 5,748 6,100 6,159
9. Articles of apparel, accessories, not knit or crochet 4,295 4,640 5,125 5,435 5,717
10. Plastics and articles thereof 3,093 3,717 4,580 5,014 5,610
Import by 10 Principal commodities, (million US$)
No. Commodity 2009 2010 2011 2012 2013
1. Mineral fuels, oils, distillation products, etc. 29,887 38,496 54,117 60,116 55,915
2. Machinery, nuclear reactors, boilers, etc 17,124 21,266 27,108 26,314 30,159
3. Iron and Steel 11,341 16,119 20,424 19,642 18,690
4. Electrical and Electronic Equipments 12,244 14,642 16,834 16,279 17,758
5. Vehicles other than railway, tramway 8,973 13,419 17,184 14,514 16,808
6. Pearls, precious stones, metals, coins, etc. 2,003 3,037 7,022 8,530 16,225
7. Plastics and Articles thereof 6,938 9,730 12,578 12,505 13,881
8. Organic Chemicals 3,340 4,400 5,504 5,064 5,314
9. Opticle, photo, technical, medical, etc. apparatus 2,833 3,437 4,116 4,055 4,557
10. Pharmaceutical products 4,080 4,410 4,697 3,995 4,151
Source: WTO, International Trade Centre 2014
Export and Import by Main Destination Country
Export by Main Destination Country (% of total)
2009 2010 2011 2012 2013
Germany 9.6 10.1 10.3 8.6 9
Iraq 5 5.3 6.2 7.1 7.9
UK 5.8 6.4 6 5.7 5.8
Russia 3.1 4.1 4.4 4.4 4.6
Italy 5.8 5.7 5.8 4.2 4.4
Other 70.7 68.4 67.3 70 68.3
Source: WTO, International Trade Centre 2014
Import by Main Destination Country (% of total)
2009 2010 2011 2012 2013
Russia 14 11.6 9.9 11.3 10
China 9 9.3 9 9 9.8
Germany 10 9.5 9.5 9 9.6
Italy 5.4 5.5 5.6 5.6 5.1
USA 6.1 6.6 6.7 6 5
Other 55.5 57.5 59.3 59.1 60.5
Source: WTO, International Trade Centre 2014
Foreign Direct Investment (Overview, selected years)
US$(Mn.) FDI Flows FDI Stocks
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Inward 8,663 9,036 16,047 12,419 13,684 143,690 186,937 136,449 187,387 145,467
Outward 1,553 1,464 2,349 4,074 3,114 22,250 22,509 27,681 29,668 32,782
Source: UNCTAD, 2014
Agriculture: Food Commodities
US$ Mn 2009 2010 2011 2012 2013
Export 2,247 2,695 3,751 4,429 5,314
Import 3,672 4,206 6,112 5,552 5,988
Trade Volume 5,919 6,901 9,863 9,981 11,302
Trade Balance -1,425 -1,511 -2,361 -1,123 -674
Turkey's Total Trade 243,009 299,510 341,269 389,080 399,941
Share to Turkey's Total Trade 2.4% 2.3% 2.9% 2.56% 2.82%
Source: WTO,FAO 2014
Energy
Oil/Petroleum(Thousand Barrels per Day)
2009 2010 2011 2012 2013
Total Oil Production 54.6 57.75 57.6 56.6 58.1
Consumption 678.1 649.8 655.4 688.5 728.4
Refinery 714 714 714 714 714
Proved Reserved(Billion barrels) 0.3 0.26 0.27 0.27 0.27
Natural Gas
Natural Gas(Billion Cubic Feet/Day) 2009 2010 2011 2012 2013
Total Production 0.06 0.06 0.07 0.06 0.052
Consumption 3.5 3.8 4.3 4.4 4.4
Proved Reserved(Trillion cubic meters,TCM) 0.3 0.21 0.21 0.21 0.21
Others Energy
Energy Year
2009 2010 2011 2012 2013
Biofuels production (Thousand barrels daily) 1.1 1.4 1.4 1.4 1.5
Electricity Generation (Terawatt-hours) 194.8 211.2 229.4 239.5 239.3
Renewable Energy (Installed Capacity) Geothermal (mega-watts) 82 94 114 114 226
Solar (maga-watts) 0 0 0 9 15
Wind (mega-watts) 792 1320 1729 2261 2760
Source: BP statistics,EIA 2014