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Economic Overview: Turkey has a volatile economy whose growth rate has exceeded 6 percent in many years (and reached 9 percent in 2004), but suffered sharp reversals in 1994, 1999, and 2001.
The government plays major roles in basic industry, banking, transportation, and communications, but privatization sales are currently approaching $21 billion. Agriculture still accounts for more than 35 percent of employment; the largest industrial sectors are textiles and clothing, but competition has grown sharply with the end of the global quota system.
The economy is burdened with a high current account deficit and substantial debt. The opening of a new oil pipeline and the promise of EU membership are expected to improve a relatively low level of foreign direct investment.
What to Watch: With a population of 72 million, Turkey is Europe's second largest market, the world's 17th largest economy and Europe’s seventh.
The country is a prominent actor in international trade and a hub for foreign direct investments.
Having joined the European Union, improved macroeconomic fundamentals and strengthened GDP growth by 7 percent on average over the last four years, Turkey continues its rapid integration into the global economy.
While Turkish contractors have undertaken $75.2 billion in projects abroad, the country attracted $20 billion in 2006, doubling that in 2005.
The country has been destined to be a bridge linking Central Asian oil and gas to energy-starved Europe. As a base of stability in an unstable region and a key ally of the Western world, Turkey is a land of opportunities.
2000 2006 Population 67.4 million 72.9 million Economy GNI, Atlas method (current US$) 201.2 billion 393.9 billion GNI per capita, Atlas method (current US$) 2,980.0 5,400.0 GDP (current US$) 199.3 billion 402.7 billion GDP growth (annual %) 7.4 6.1 Inflation, GDP deflator (annual%) 49.9 11.5 Agriculture, value added (% of GDP) 15.4 12.9 Industry, value added (% of GDP) 25.3 22.4 Services, etc., value added (% of GDP) 59.4 64.7 Exports of goods and services (% of GDP) 24.0 28.0 Imports of goods and services (% of GDP) 31.5 34.1 Gross capital formation (% of GDP) 24.5 27.0 Revenue, excluding grants (% of GDP) 27.8 N/A Cash surplus/deficit (% of GDP) -7.9 N/A States and Markets Time required to start a business (days) N/A 9.0 Market capitalization of listed companies (% of GDP) 35.0 40.3 Military expenditure (% of GDP) 5.0 N/A Fixed line and mobile phone subscribers (per 1,000 people) 512.1 N/A Internet users (per 1,000 people) 37.1 N/A Roads, paved (% of total roads) 35.3 N/A High-technology exports (% of manufactured exports) 4.8 N/A Global Links Merchandise trade (% of GDP) 41.3 55.2 Net barter terms of trade (2000 = 100) 100.0 96.2 Foreign direct investment, net inflows (BoP, current US$) 982.0 million N/A Long-term debt (DOD, current US$) 84.0 billion N/A Total debt service (% of exports of goods, services and income) 36.0 N/A Official development assistance and official aid (current US$) 326.8 million N/A Workers' remittances and compensation of employees, received (US$) 4.6 billion 851.0 million
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Data is a real-time snapshot *Data is delayed at least 15 minutes