Turkey Economic Profile

Key Facts

$773.1 billion, ranked 17 in the world
Exchange rate: 1.88230 (rate in currency units per U.S. dollar)
Inflation rate: 8 percent
Budget: $176.7 billion (revenues), $187.1 billion (expenditures)
Budget Deficit: -1.3% of GDP
Unemployment: 9.8%
Foreign Direct Investment: $ 15.9 billion (in U.S. dollars)
Sources: CIA Factbook, Federal Reserve

Market Data

Central Bank:
Central Bank of the Republic of Turkey
S&P: BB/Stable
Moody's: Ba1/Positive
Fitch: BB+/Positive
International Reserves: $91,071.96 (Data in millions, as of June 2012)
Source: Standard & Poor, Moody's, Fitch, IMF, Central Bank of the Republic of Turkey

Importing & Exporting

Top Import Markets:
Russia, Germany, China, U.S., Italy, Iran (2009)
Top Export Markets: Germany, Iraq, U.K., Italy, France, Russia (2009)
Top Imports: Machinery, chemicals, semi-finished goods, fuels, transport equipment
Top Exports: Apparel, foodstuffs, textiles, metal manufactures, transport equipment
Balance of Trade: $ -13,780 (2nd Quarter 2012, in millions of dollars)
Source: IMF, CIA Factbook, OECD

Government and Legal

Form of Government:
Republican Parliamentary Democracy
Legal System: Civil Law system based on various European legal systems notably the Swiss civil code. Note: member of the European Court of Human Rights, although Turkey claims limited exemptions on the ratified European Convention on Human Rights
Sources: CIA Factbook