Economy - overview:
Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% 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 dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. 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 pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. 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. 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 rebounded strongly to around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$1.167 trillion (2013 est.)
country comparison to the world: 17
$1.124 trillion (2012 est.)
$1.101 trillion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$821.8 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
3.8% (2013 est.)
country comparison to the world: 85
2.2% (2012 est.)
8.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$15,300 (2013 est.)
country comparison to the world: 90
$15,000 (2012 est.)
$14,900 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
19.4% of GDP (2013 est.)
country comparison to the world: 80
20.2% of GDP (2012 est.)
23.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
71%
government consumption:
15.4%
investment in fixed capital:
19.4%
investment in inventories:
0%
exports of goods and services:
26.6%
imports of goods and services:
-32.5%
(2013 est.)
agriculture:
8.9%
industry:
27.3%
services:
63.8% (2013 est.)
tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock
textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
3.5% (2013 est.)
country comparison to the world: 84
[see also: Industrial production growth rate country ranks ]
27.91 million
country comparison to the world: 22
note:
about 1.2 million Turks work abroad (2013 est.)
[see also: Labor force country ranks ]
agriculture:
25.5%
industry:
26.2%
services:
48.4% (2010)
9.3% (2013 est.)
country comparison to the world: 101
9.2% (2012 est.)
[see also: Unemployment rate country ranks ]
16.9% (2010)
[see also: Population below poverty line country ranks ]
lowest 10%:
2.1%
highest 10%:
30.3% (2008)
40.2 (2010)
country comparison to the world: 57
43.6 (2003)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$190.4 billion
expenditures:
$207.9 billion (2013 est.)
23.2% of GDP (2013 est.)
country comparison to the world: 144
[see also: Taxes and other revenues country ranks ]
-2.1% of GDP (2013 est.)
country comparison to the world: 91
[see also: Budget surplus (+) or deficit (-) country ranks ]
36.6% of GDP (2013 est.)
country comparison to the world: 102
37.6% of GDP (2012 est.)
note:
data cover central government debt, and excludes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
[see also: Public debt country ranks ]
calendar year
7.6% (2013 est.)
country comparison to the world: 192
8.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
5.25% (31 December 2011)
country comparison to the world: 9
15% (22 December 2009)
[see also: Central bank discount rate country ranks ]
18.5% (31 December 2013 est.)
country comparison to the world: 19
19% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$80.72 billion (31 December 2013 est.)
country comparison to the world: 40
$85.23 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$383.5 billion (31 December 2013 est.)
country comparison to the world: 27
$405.6 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$549.5 billion (31 December 2013 est.)
country comparison to the world: 24
$552.3 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$308.8 billion (31 December 2012 est.)
country comparison to the world: 29
$201.8 billion (31 December 2011)
$306.7 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$58.35 billion (2013 est.)
country comparison to the world: 187
-$47.75 billion (2012 est.)
[see also: Current account balance country ranks ]
$167.6 billion (2013 est.)
country comparison to the world: 30
$163.3 billion (2012 est.)
[see also: Exports country ranks ]
apparel, foodstuffs, textiles, metal manufactures, transport equipment
Germany 8.6%, Iraq 7.1%, Iran 6.5%, UK 5.7%, UAE 5.4%, Russia 4.4%, Italy 4.2%, France 4.1% (2012)
$242.9 billion (2013 est.)
country comparison to the world: 22
$228.6 billion (2012 est.)
[see also: Imports country ranks ]
machinery, chemicals, semi-finished goods, fuels, transport equipment
Russia 11.3%, Germany 9%, China 9%, US 6%, Italy 5.6%, Iran 5.1% (2012)
$117.6 billion (31 December 2013 est.)
country comparison to the world: 22
$119.2 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$359.5 billion (31 December 2013 est.)
country comparison to the world: 31
$336.7 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$194.2 billion (31 December 2013 est.)
country comparison to the world: 28
$181.7 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$33.44 billion (31 December 2013 est.)
country comparison to the world: 42
$30.94 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Turkish liras (TRY) per US dollar -
1.899 (2013 est.)
1.796 (2012 est.)
1.5028 (2010 est.)
1.55 (2009)
1.3179 (2008)