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Turkey Economy 2011
https://theodora.com/wfb2011/turkey/turkey_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Turkey's economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 30% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding a dynamism to the economy. Turkey's traditional textiles and clothing clothing sectors still account for one-third of industrial employment, despite stiff competition in international markets that resulted from the end of the global quota system. Other sectors, notably the automotive, construction, 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 will bring up to 1 million barrels per day from the Caspian to market. Several gas https://theodora.com/pipelines/world_oil_gas_and_products_pipelines.html also are being planned to help move Central Asian gas to Europe via Turkey, which will help address Turkey's dependence on energy imports over the long term. 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 2009, when global economic conditions and tighter fiscal policy slowed growth to 4.7%, reduced inflation to 6.5% - a 34-year low - and cut the public sector debt-to-GPD ratio below 50%. Turkey's well-regulated financial markets and banking system weathered the global financial crisis and GDP rebounded strongly to 7.3% in 2010, as exports returned to normal levels following the recession. The economy, however, continues to be burdened by a high current account deficit and remains dependent on often volatile, short-term investment to finance its trade deficit. The stock value of FDI stood at $174 billion at year-end 2010, but inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to policy-making, and fiscal imbalances leave the economy vulnerable to destabilizing shifts in investor confidence.

GDP (purchasing power parity):
$958.3 billion (2010 est.)
country comparison to the world: 17

$893.1 billion (2009 est.)
$937.1 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$729.1 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.3% (2010 est.)
country comparison to the world: 16

-4.7% (2009 est.)
0.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,300 (2010 est.)
country comparison to the world: 95

$11,600 (2009 est.)
$12,400 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 8.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 25.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 65.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
24.73 million
country comparison to the world: 24
note: about 1.2 million Turks work abroad (2009 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 29.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 45.8% (2005)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.4% (2010 est.)
country comparison to the world: 131

14.1% (2009 est.)
note: underemployment amounted to 4% in 2008
[see also: Unemployment rate country ranks ]

Population below poverty line:
17.11% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.2% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
41 (2007)
country comparison to the world: 56

43.6 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
18% of GDP (2009 est.)
country comparison to the world: 110
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $159.4 billion
[see also: Budget - revenues country ranks ]
expenditures: $189.6 billion (2009)
[see also: Budget - expenditures country ranks ]

Public debt:
48.1% of GDP (2010 est.)
country comparison to the world: 54

46.3% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
8.7% (2010 est.)
country comparison to the world: 194

6.3% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
15% (22 December 2009)
country comparison to the world: 6

25% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$57.02 billion (31 December 2010 est)

$44.94 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$255.5 billion (31 December 2010 est.)

$202.2 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$401.8 billion (31 December 2010 est.)
country comparison to the world: 27

$373.1 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$225.7 billion (31 December 2009)
country comparison to the world: 33

$117.9 billion (31 December 2008)
$286.6 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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

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

Industrial production growth rate:
6% (2009 est.)
country comparison to the world: 52
[see also: Industrial production growth rate country ranks ]

Electricity - production:
198.4 billion kWh (2008 est.)
country comparison to the world: 20
[see also: Electricity - production country ranks ]

Electricity - consumption:
198.1 billion kWh (2008 est.)
country comparison to the world: 19
[see also: Electricity - consumption country ranks ]

Electricity - exports:
1.12 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
790 million kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
52,980 bbl/day (2009 est.)
country comparison to the world: 62
[see also: Oil - production country ranks ]

Oil - consumption:
579,500 bbl/day (2009 est.)
country comparison to the world: 28
[see also: Oil - consumption country ranks ]

Oil - exports:
133,100 bbl/day (2008 est.)
country comparison to the world: 61
[see also: Oil - exports country ranks ]

Oil - imports:
734,600 bbl/day (2008 est.)
country comparison to the world: 18
[see also: Oil - imports country ranks ]

Oil - proved reserves:
262.2 million bbl (1 January 2010 est.)
country comparison to the world: 55
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
1.014 billion cu m (2009 est.)
country comparison to the world: 63
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
35.07 billion cu m (2009 est.)
country comparison to the world: 24
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
708 million cu m (2009 est.)
country comparison to the world: 38
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
35.77 billion cu m (2009 est.)
country comparison to the world: 7
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
6.088 billion cu m (1 January 2010 est.)
country comparison to the world: 86
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$38.82 billion (2010 est.)
country comparison to the world: 183

-$13.94 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$117.4 billion (2010 est.)
country comparison to the world: 32

$109.6 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Germany 9.6%, France 6.1%, UK 5.8%, Italy 5.8%, Iraq 5% (2009)

Imports:
$166.3 billion (2010 est.)
country comparison to the world: 24

$134.5 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Russia 14%, Germany 10%, China 9%, US 6.1%, Italy 5.4%, France 5% (2009)

Reserves of foreign exchange and gold:
$78 billion (31 December 2010 est.)
country comparison to the world: 17

$75 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$270.7 billion (31 December 2010 est.)
country comparison to the world: 26

$268.3 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$84.45 billion (31 December 2010 est.)
country comparison to the world: 38

$174 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$16.42 billion (31 December 2010 est.)
country comparison to the world: 47

$15.42 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Turkish liras (TRY) per US dollar - 1.5181 (2010), 1.55 (2009), 1.3179 (2008), 1.319 (2007), 1.4286 (2006)


NOTE: The information regarding Turkey on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkey Economy 2011 information contained here. All suggestions for corrections of any errors about Turkey Economy 2011 should be addressed to the CIA.



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