MOVING BEYOND THE COMFORT ZONE
COUNTRY REPORT | TURKEY: OVERVIEW
Recent presidential elections saw political continuity and investor appetite maintained in Turkey, but high levels of indebtedness and political divisions cause some concern.
Turkey GDP and Economic Data
Country Report 2017 - Includes Turkey real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Turkey economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Turkey best banks and safest banks are also available.
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International Reserves
USD 92.6 billion (2016)
International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product - GDP
USD 769.5 billion (2017, estimate)
GDP (Purchasing Power Parity)
Intl$ 1,756.5 billion (2017, estimate)
Real GDP growth
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 6.9% | 4.7% | 0.7% | -4.8% | 9.2% | 8.8% | 2.1% |
| 2013 | 2014 | 2015 | 2016* | 2017* | ||
| 4.2% | 3% | 4% | 3.3% | 3% |
*Estimate
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 1.17% | 1.41% | 1.35% | 1.36% | 1.4% |
*Estimate
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GDP - composition by sector
- agriculture: 8.6%
- industry: 27.1%
- services: 64.3%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP)
1% (2014)
OECD, data retrieved January 2017
Inflation
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 7.5% | 8.9% | 7.7% | 8.4% | 8.2% |
*Estimate
Unemployment rate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 9.0% | 9.9% | 10.3% | 10.2% | 10.2% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 36.1% | 33.5% | 32.9% | 31.7% | 30.8% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| -1.3% | -0.9% | -1% | -1.9% | -1.6% |
*Estimate
Government bond ratings
Standard & Poor's: BB
Moody's: Ba1
Standard & Poor's / Moody's (Updated January 2017)
Source
Market value of publicly traded shares
| 2013 | 2014 | 2015 |
| USD 195.7 billion | USD 219.8 billion | USD 188.9 billion |
Largest companies
Isbank, Koç Holding, Garanti Bank, Akbank, Sabanci Holding, Halkbank, VakifBank, Turkish Airlines, Turkcell, Turk Telekom, Enka.
Source
Source
Current account balance by percentage of GDP
-5.6% (2017 estimate)
Exports as percent of GDP (Exports of goods and services)
28.0% (2015)
Shares in world total merchandising export
0.9% (2015)
Shares in world total commercial services export
1.0% (2015)
Export commodities
Apparel, foodstuffs, textiles, metal manufactures, transport equipment
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Import commodities
Machinery, chemicals, semi-finished goods, fuels, transport equipment
Exports - major partners
Germany 9.3%, UK 7.3%, Iraq 5.9%, Italy 4.8%, US 4.5%, France 4.1% (2015)
Imports - major partners
China 12%, Germany 10.3%, Russia 9.9%, US 5.4%, Italy 5.1% (2015)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 12,284 million | USD 12,134 million | USD 16,508 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD 3,527 million | USD 6,658 million | USD 4,778 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| USD 2011.7 million | USD 610.8 million | USD 398.1 million | USD 469.3 million |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
(for a monthly update on M&A; click here )
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 69 out of 190 countries (2017)
Subcategories:
Starting a business: 79 out of 190 countries
Enforcing Contracts: 33 out of 190 countries
Registering Property: 54 out of 190 countries
Getting Credit: 82 out of 190 countries
Protecting Minority Investors: 22 out of 190 countries
Trading Across Borders: 70 out of 190 countries
Paying Taxes: 128 out of 190 countries
Dealing with Construction Permits: 102 out of 190 countries
Getting Electricity: 58 out of 190 countries
Resolving Insolvency: 126 out of 190 countries
Source
Global competitiveness ranking
55 out of 138 countries
(2016-2017)
Index of Economic Freedom
Ranking: 79 / Score: 62.07 (Moderately free) (2016)
(100=totally free 0=totally repressed)
Source
Source
Languages
Turkish (official), Kurdish, other minority languages
Religions
Muslim 99.8% (mostly Sunni), other 0.2% (mostly Christians and Jews)
Total population
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 52.436 million | 64.729 million | 73.723 million | 78.967 million | 82.818 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2015 |
| 32% | 44% | 65% | 73% |
Literacy
Total population: 95%
Male: 98.4%
Female: 91.8% (2015 est.)
(age 15 and over can read and write)
% of population living on less than $3.10 a day
0.5% (2013)
Inequality of wealth distribution (Gini index)
40.2 (2013)
(0=perfect equality, 100=absolute inequality)
Source
Freedom House rating
Political Rights: 4
Civil Liberties: 5 (2017)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 14.99% Mobile 96.02% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)