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Turkey Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Turkey Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

GDP (purchasing power parity):
$2.133 trillion (2017 est.) $2.029 trillion (2016 est.) $1.966 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 14

GDP (official exchange rate):
$841.2 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.1% (2017 est.) 3.2% (2016 est.) 6.1% (2015 est.)
country comparison to the world: 38
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$26,500 (2017 est.) $25,400 (2016 est.) $25,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 75

Gross national saving:
25.1% of GDP (2017 est.) 24.5% of GDP (2016 est.) 24.8% of GDP (2015 est.)
country comparison to the world: 49
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 24%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.4% (2017 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:
3% (2017 est.)
country comparison to the world: 94
[see also: Industrial production growth rate country ranks ]

Labor force:
31.3 million
note: this number is for the domestic labor force only; number does not include about 1.2 million Turks working abroad, nor refugees (2017 est.)
country comparison to the world: 20
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 54.9% (2016)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.2% (2017 est.) 10.9% (2016 est.)
country comparison to the world: 145
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.9% (2015 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)

Distribution of family income - Gini index:
40.2 (2010) 43.6 (2003)
country comparison to the world: 60
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $173.9 billion
[see also: Budget - revenues country ranks ]
expenditures: $190.4 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
20.7% of GDP (2017 est.)
country comparison to the world: 147
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2% of GDP (2017 est.)
country comparison to the world: 84
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
29.6% of GDP (2017 est.) 29.4% of GDP (2016 est.)
country comparison to the world: 164
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
10.9% (2017 est.) 7.8% (2016 est.)
country comparison to the world: 205
[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: 78
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.2% (31 December 2017 est.) 14.74% (31 December 2016 est.)
country comparison to the world: 42
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$122 billion (31 December 2017 est.) $108.7 billion (31 December 2016 est.)
country comparison to the world: 33
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$445 billion (31 December 2017 est.) $399.4 billion (31 December 2016 est.)
country comparison to the world: 24
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$612.6 billion (31 December 2017 est.) $549.9 billion (31 December 2016 est.)
country comparison to the world: 24
[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: 36
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$38.95 billion (2017 est.) -$32.61 billion (2016 est.)
country comparison to the world: 198
[see also: Current account balance country ranks ]

Exports:
$157.3 billion (2017 est.) $150.2 billion (2016 est.)
country comparison to the world: 34
[see also: Exports country ranks ]

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

Exports - partners:
Germany 9.8%, UK 8.2%, Iraq 5.4%, Italy 5.3%, US 4.7%, France 4.2% (2016)

Imports:
$196.8 billion (2017 est.) $191 billion (2016 est.)
country comparison to the world: 24
[see also: Imports country ranks ]

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

Imports - partners:
China 12.8%, Germany 10.8%, Russia 7.6%, US 5.5%, Italy 5.2% (2016)

Reserves of foreign exchange and gold:
$107.5 billion (31 December 2017 est.) $106.1 billion (31 December 2016 est.)
country comparison to the world: 25
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$429.6 billion (31 December 2017 est.) $404.9 billion (31 December 2016 est.)
country comparison to the world: 30
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$143.7 billion (31 December 2017 est.) $133.2 billion (31 December 2016 est.)
country comparison to the world: 39
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$41.81 billion (31 December 2017 est.) $38.31 billion (31 December 2016 est.)
country comparison to the world: 46
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Turkish liras (TRY) per US dollar - 3.628 (2017 est.) 3.0201 (2016 est.) 3.0201 (2015 est.) 2.72 (2014 est.) 2.1885 (2013 est.)


NOTE: 1) The information regarding Turkey on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turkey Economy 2018 information contained here. All suggestions for corrections of any errors about Turkey Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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