An Overview of the Economy
2004 brought about the impressive accomplishment of lowering
inflation to a single digit figure, 8.6%, and this was lowered
further to 8.2% in 2005. Inflation rose to 10.5% in 2006 due to an
increase in oil supplies and various supply stocks, but a
tightening of interest rates is expected to put a stop to any
further inflation increases.
The tightening of interest rates means that GDP growth was at a
controlled amount of 5.9% in the third quarter of 2006. Growth in
the years leading up to this was higher at around 7 – 8%. EU
negotiations are expected to be slow despite the mainly positive
feedback from other EU countries. The country is actively involved
in increasing tourism and infrastructure and hopes to achieve EU
accession and the euro currency before 2015. Even if
Turkey does not join the EU in the foreseeable future its economy
will continue to grow and pick up pace as one of the most exciting
and developing investment countries in Europe.
| Statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
887.9 |
| GDP (PPP) (CIA) (US$Billions) |
888.0 |
| GDP Growth (IMF) (%) |
4.9% |
| GDP Growth (CIA) (%) |
5.0% |
| GDP Per Capita (PPP) (IMF) (US$) |
12,888 |
| GDP Per Capita (PPP) (CIA) (US$) |
12,900 |
| GDP by Sector (%) |
Agriculture: 8.9%
Services: 62.8%
Industry: 28.3% |
| Inflation (%) |
8.8% |
| Population Below the Poverty Line (%) |
20% |
| Labour Force (Millions) |
23.53 |
| Labour Force by Occupation (%) |
Agriculture: 35.9%
Services: 22.8%
Industry: 41.2% |
| Unemployment (%) |
9.9% |
| Main Industries |
Textiles, food processing, autos, electronics
mining (coal, chromite, copper, boron), steel,
petroleum, construction, lumber, paper |
Source: CIA World Factbook
GDP
Growth rates in 2004-2006 were high but have seen reductions in
recent years.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
76.3 |
83.5 |
90.5 |
96.7 |
101.5 |
| GDP Growth (%) |
5.3% |
9.4% |
8.4% |
6.9% |
5.0% |
| GDP Per Capita (US$) |
4616 |
5872 |
7109 |
7759 |
9629 |
| GDP Per Capita (PPP) (US$) |
8705 |
9844 |
11,006 |
12,095 |
12,888 |
| Inflation (%) |
25.3% |
8.6% |
8.2% |
9.6% |
8.8% |
| Unemployment (%) |
10.8% |
10.5% |
9.3% |
10.2% |
9.9% |
| Mobile Phone Users |
17,100,000 |
27,890,000 |
27,890,000 |
43,600,000 |
52,660,000 |
| Internet Users |
2,500,000 |
5,500,000 |
5,500,000 |
- |
12,284,000 |
Source: IMF, CIA World Factbook
Major Exports & Imports
Traditionally in Turkey, clothing and textile were the most
important factors in the import/export industry. Recently a
structural reform has taken place with more sophisticated trades
such as machinery and equipment being imported and exported from
the country. Total exports of manufactured goods are at a higher
volume than agricultural and mining products. Chemicals, ferrous
and non-ferrous metals and food products make up a significant
share in Turkey's total exports.
Major Exports 2007
Apparel, foodstuffs, textiles, metal manufactures, transport
equipment
Major Imports 2007
Machinery, chemicals, semi-finished goods, fuels, transport
equipment
| Export Partners 2007 |
% of total |
| Germany |
11.3% |
| UK |
8.0% |
| Italy |
7.9% |
| US |
6.0% |
| France |
5.4% |
| Spain |
4.4% |
| import partners 2007 |
% of total |
| Russia |
12.8% |
| Germany |
10.6% |
| China |
6.9% |
| Italy |
6.2% |
| France |
5.2% |
| US |
4.5% |
| Iran |
4% |
Source: CIA World Factbook
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