Turkey


Turkey Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Turkey; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of the Republic of Turkey
International Reserves US$ 87.937 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 817.298 billion (2010 estimate)
GDP (Purchasing Power Parity) 1.112 trillion of International dollars (2010 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
-5.7% 6.2% 5.3% 9.4% 8.4% 6.9% 4.7% 0.7%
2009 2010 2011 2012*
-4.8% 9% 8.5% 2.3%

*Estimate

GDP per capita - current prices US$ 10,914 (2010 estimate)
GDP per capita - PPP $14,853 International Dollars (2010 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
1.03% 1.25% 1.22% 1.3% 1.33%

**Forecast

GDP - composition by sector
  • agriculture: 9.2% 
  • industry: 26.9% 
  • services: 63.9% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) 0.84% (2010)

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
6.3%(2008) 8.6% 6.5% 10.6%

*Estimate

Unemployment rate
2009 2010 2011 2012*
14% 11.9% 9.9%(2009) 10.3%

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
40% 46.1% 42.2% 39.4% 36%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
-2.4% -5.6% -2.7% -0.3% -1.7%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BB

Moody's rating: Ba1

Moody's outlook: POS

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$225.7 billion US$306.7 billion US$201.8 billion
Largest companies in Turkey Koç Holding (Conglomerates), Sabanci Holding (Conglomerates), Enka (Construction Service), Erdemir (Iron & Steel), Garanti Bank (Regional Banks), Isbank (Regional Banks), Akbank (Regional Banks), Halkbank (Regional Banks), VakifBank (Regional Banks), Turk Telekom (Telecommunications services), Turkcell (Telecommunications services) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ -71.7 billion (2011 estimate)(After 2008)
Current account balance by percentage of GDP -8.8% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

21.1% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.74%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.91% (2011)(2007)

(Data were released in 2012)

Total exports US$154.2 billion (2012 estimate) 
Export commodities apparel, foodstuffs, textiles, metal manufactures, transport equipment
Total imports US$225.6 billion (2012 estimate) 
Import commodities machinery, chemicals, semi-finished goods, fuels, transport equipment
Exports - major partners Germany 10.3%, Iraq 6.2%, UK 6%, Italy 5.8%, France 5%, Russia 4.4% (2009 estimate)
Imports - major partners Russia 9.9%, Germany 9.5%, China 9%, US 6.7%, Italy 5.6%, Iran 5.2% (2009 estimate)
FDI inflows
2009 2010 2011
US$8,411 million US$9,038 million(2009) US$15,876 million(2009)
FDI outflows
2009 2010 2011
US$1,553 million US$1,464 million US$2,464 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$1,313 million N/A(2009) US$-38 million(2009) US$908 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 71 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 72 out of 185 countries(2009)

Enforcing Contracts: 40 out of 185 countries

Registering Property: 42 out of 185 countries

Getting credit: 83 out of 185 countries

Protecting investors: 70 out of 185 countries

Trading across border: 78 out of 185 countries

Paying Taxes: 80 out of 185 countries

Dealing with Construction Permits: 142 out of 185 countries

Getting Electricity: 68 out of 185 countries

Resolving Insolvency: 124 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
43

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 73 Score: 62.5 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+2
Total area 783,562 km2 (2006)
Capital Ankara (2009)
Currency Turkish liras (TRY) (2009)
Government type republican parliamentary democracy (2009)
Languages Turkish (official), Kurdish, other minority languages
Religions Muslim 99.8% (mostly Sunni), other 0.2% (mostly Christians and Jews)
Total population
1980 1990 2000 2012* 2017**
42.17 million 52.44 million 62.76 million 74.89 million 79.34 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
31.5% 43.8% 64.7% 71.4%
Population median age 28 years (2010)
Population growth rate 1.2% (2011)
Life expectancy 74 years (2010)
Adult literacy 91% (2005/2010)
% of population living on less than $2 a day 9.05% (2011)
Inequality of wealth distribution (Gini index)

38.95 (2008)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:3
Civil Liberties:3 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

109.36% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 42.1% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

N/A

CO2 emissions
(Metric tons of CO2 per capita)

3.8672 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS Garanti Bank (National, 2013)
2012:
  • COUNTRY WINNERS Garanti (National, 2012)
2011:
  • COUNTRY WINNERS Garanti (Global, 2011)
2010:
  • COUNTRY WINNERS Akbank (2010)
2009:
  • COUNTRY WINNERS Akbank (National, 2009)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Consumer Internet Banks Garanti Bank (Middle East, 2012)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Turkish Economy Bank (TEB) (National, 2012)
2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks HSBC (Global, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (Global, 2011)
2010:
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Bill Payment & Presentment Yapi Kredi Bank (2010)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Online Deposits Acquisition Akbank (National, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (Global, 2010)
  • COUNTRY WINNERS / Best Consumer Internet Banks Yapi Kredi Bank (National, 2010)
2009:
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Web Site Design Yapi Kredi Bank (National, 2009)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Information Security Initiatives Akbank (National, 2009)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Online Deposits Acquisition Akbank (National, 2009)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Yapi Kredi Bank (National, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Garanti Bank (Middle East and Africa, 2009)

WORLD'S BEST ISLAMIC FINANCE INSTITUTIONS

2012:
  • COUNTRY WINNERS Kuveyt Türk (National, 2012)
2011:
  • COUNTRY WINNERS Kuveyt Turk (National, 2011)
2010:
  • COUNTRY WINNERS Türkiye Finans (Global, 2010)
2009:
  • COUNTRY WINNERS Albaraka Türk (National, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS Akbank (National, 2012)
2011:
  • COUNTRY WINNERS Garanti (Middle East, 2011)
2010:
  • COUNTRY WINNERS Akbank (2010)
2009:
  • COUNTRY WINNERS Akbank (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS Deutsche Bank (Global, 2012)
2011:
  • COUNTRY WINNERS Deutsche Bank (Global, 2011)
2010:
  • COUNTRY WINNERS Deutsche Bank (Global, 2010)
2009:
  • COUNTRY WINNERS Deutsche Bank (National, 2009)

WORLD'S BEST INVESTMENT BANKS

2013:
  • COUNTRY WINNERS FinansInvest (National, 2013)
2012:
  • COUNTRY WINNERS Oyak Yatirim (National, 2012)
2011:
  • COUNTRY WINNERS Garanti Securities (Global, 2011)
2010:
  • COUNTRY WINNERS Garanti Securities (Global, 2010)
2009:
  • COUNTRY WINNERS Garanti Securities (National, 2009)

CENTRAL BANKER REPORT CARD

2012:
2011:
2010:
2009:

WORLD'S BIGGEST BANKS

2011:
  • OVERALL BIGGEST Türkiye Bankas? (Global, 2011)
  • OVERALL BIGGEST Garanti Bank (Middle East, 2011)
  • OVERALL BIGGEST T.C. Ziraat Bankasi (Middle East, 2011)
  • OVERALL BIGGEST Akbank (National, 2011)
2010:
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Ziraat Bank (National, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Garanti Bank (National, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Isbank (National, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Akbank (Serhiy Abruzov, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Yapi Kredi (National, 2010)

TOP 200 EMERGING MARKETS BANKS

2010:
  • OVERALL BIGGEST Ziraat Bank (Global, 2010)
  • OVERALL BIGGEST Garanti Bank (Global, 2010)
  • OVERALL BIGGEST Isbank (Middle East/Africa, 2010)
  • OVERALL BIGGEST Akbank (National, 2010)
  • OVERALL BIGGEST Yapi Kredi (National, 2010)
  • OVERALL BIGGEST VakifBank (National, 2010)
  • OVERALL BIGGEST Halkbank (National, 2010)
  • OVERALL BIGGEST Finansbank (National, 2010)
  • OVERALL BIGGEST Denizbank (National, 2010)

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Akbank (National, 2013)
2012:
  • COUNTRY WINNERS Akbank (National, 2012)
2011:
  • COUNTRY WINNERS Akbank (Global, 2011)
2010:
  • COUNTRY WINNERS Akbank (2010)
2009:
  • COUNTRY WINNERS Akbank (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE