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 bankCentral Bank of the Republic of Turkey
International ReservesUS$ 93.612 billion (Source: IMF; Data updated: November 2011)
Gross Domestic Product - GDPUS$ 797.605 billion (2009 estimate)
GDP (Purchasing Power Parity)1.016 trillion of International dollars (2009 estimate)
Real GDP growth
20002001200220032004200520062007
6.8%-5.7%6.2%5.3%9.4%8.4%6.9%4.7%
2008200920102011*
0.7%-4.7%8.2%4.6%

*Estimate

GDP per capita - current pricesUS$ 11,054 (2009 estimate)
GDP per capita - PPP$14,077 International Dollars (2009 estimate)
GDP (PPP) - share of world total
19801990200020102015**
1.03%1.25%1.22%1.29%1.25%

**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)0.73% (2008)

(Data released on November 2010)

Inflation
2008200920102011*
10.4%(2008)6.3%8.6%5.7%

*Estimate

Unemployment rate
2008200920102011*
10.9%14%11.9%(2009)11.4%

*Estimate

Household saving ratesN/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)
20072008200920102011*
39.4%39.5%45.5%41.7%39.4%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2007200820092010*2011**
-1.7%-2.4%-5.6%-3.5%-2.6%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BB/Positive/B

Moody's rating: Ba2

Moody's outlook: POS

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares
200720082009
US$286.572 billionUS$117.93 billionUS$225.735 billion
Largest companies in TurkeyGaranti Bank (Regional Banks), Isbank (Regional Banks), Koç Holding (Conglomerates), Akbank (Regional Banks), Sabanci Holding (Conglomerates), Halkbank (Regional Banks), Turk Telekom (Telecommunications services)
(2011)
DATA ON TRADE AND COMPETITIVENESS
Current account balanceUS$ -64.1 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP-8% of GDP (2009 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

23.2% (2009)

(Data released on December 2010)

Shares in world total merchandising export0.75%(2007)

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export0.91%(2007)

(Data were released in Nov 2011 and refer to 2010)

Total exportsUS$117.4 billion f.o.b. (2010 estimate)
Export commoditiesapparel, foodstuffs, textiles, metal manufactures, transport equipment
Total importsUS$204.8 billion f.o.b. (2008 estimate)
Import commoditiesmachinery, chemicals, semi-finished goods, fuels, transport equipment
Exports - major partnersGermany 11.2%, UK 8.1%, Italy 7%, France 5.6%, Russia 4.4%, Spain 4.3% (2007)
Imports - major partnersRussia 13.8%, Germany 10.3%, China 7.8%, Italy 5.9%, US 4.8%, France 4.6% (2007)
FDI inflows
200820092010
US$19,504 millionUS$8,411 million(2009)US$9,071 million(2009)
FDI outflows
200820092010
US$2,549 millionUS$1,553 millionUS$1,780 million
Value of cross-border M&A, by country of purchaser
2008200920102011
US$1,313 millionN/A(2009)US$2 million(2009)US$538 million
Cross-border M&A deals worth over $3 billion completed in 2008

(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 2010

(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 – 183. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 65 out of 183 countries(2009) (2010)

Subcategories:

Starting a business: 63 out of 183 countries(2009)

Registering property: 38 out of 183 countries

Paying Taxes: 75 out of 183 countries

Getting credit: 72 out of 183 countries

Protecting investors: 59 out of 183 countries

Trading across border: 76 out of 183 countries

Enforcing Contracts: 26 out of 183 countries

(2010)

Global competitiveness ranking
(ranking by country on a basis of 142, the first is the best)		59

(2011/2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 67 Score: 64.2 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zoneUTC+2
Total area 783,562 km2 (2006)
CapitalAnkara (2009)
CurrencyTurkish liras (TRY) (2009)
Government typerepublican parliamentary democracy (2009)
LanguagesTurkish (official), Kurdish, other minority languages
ReligionsMuslim 99.8% (mostly Sunni), other 0.2% (mostly Christians and Jews)
Total population
1980199020002010*2015**
42.17 million52.44 million62.76 million71.43 million76.05 million

*Estimate    **Forecast

Urban population as % of total population
1960198020002009
31.5%43.8%64.7%69.1%
Population median age27.0 years (2006)
Population growth rate1.2% (2009)
Life expectancy72 years (2007)
Adult literacy89% (2000/2007)
% of population living on less than $2 a day9.05% (2011)
Inequality of wealth distribution (Gini index)

43.2 (2005)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:3
Civil Liberties:3 (2010)

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

Total telephone subscribers as % of population

107.17% (2010)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population39.82% (Data were released in 2011 and refer to 2010)
Cost of living 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)

3.842 (2008)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

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

WORLD'S BEST INTERNET BANKS

2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks HSBC (National, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (National, 2011)
2010:
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Bill Payment & Presentment Yapi Kredi Bank (Europe, 2010)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Online Deposits Acquisition Akbank (Europe, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (National, 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 (Europe, 2009)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Information Security Initiatives Akbank (Europe, 2009)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Online Deposits Acquisition Akbank (Europe, 2009)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Yapi Kredi Bank (National, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Garanti Bank (National, 2009)

WORLD'S BEST ISLAMIC FINANCE INSTITUTIONS

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

WORLD'S BEST EMERGING MARKET BANKS

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

WORLD'S BEST SUB CUSTODIANS

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

WORLD'S BEST INVESTMENT BANKS

2011:
  • COUNTRY WINNERS Garanti Securities (National, 2011)
2010:
  • COUNTRY WINNERS Garanti Securities (National, 2010)
2009:
  • COUNTRY WINNERS Garanti Securities (National, 2009)

CENTRAL BANKER REPORT CARD

2011:
2010:
2009:

WORLD'S BIGGEST BANKS

2011:
  • OVERALL BIGGEST Türkiye Bankas? (Global, 2011)
  • OVERALL BIGGEST Garanti Bank (Global, 2011)
  • OVERALL BIGGEST T.C. Ziraat Bankasi (Global, 2011)
  • OVERALL BIGGEST Akbank (Global, 2011)
2010:
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Ziraat Bank (Central and Eastern Europe, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Garanti Bank (Central and Eastern Europe, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Isbank (Central and Eastern Europe, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Akbank (Central and Eastern Europe, 2010)
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE Yapi Kredi (Central and Eastern Europe, 2010)

TOP 200 EMERGING MARKETS BANKS

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

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

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