Economic Outlook of Turkish Economy , 30.1.2018

GENERAL OUTLOOK OF THE TURKISH ECONOMY

  • According to Purchasing Power Parity (PPP), Turkish economy is the 13th largest in the world and 5th largest in Europe (2016)
  • Area: 814.578 km2 (projection: 779.452 km2)
  • Population: 79.8 million (2016)1

78.7 million (2015)1

  • Labour Force: 32.233 million (2017, August)1
  • Unemployment Rate: 10.2 % (2017, May)1

10.6 % (2017, August) 1

* Between 2008-2016, 7.3 million new jobs were created.

  • GDP : 380.7 billion USD (2017, first half)

857 billion USD (2016)1

  • GDP growth (at constant prices)1:

2015: 6.0%

2016 1st Quarter : 4.8 %

2016 2nd Quarter : 4.9 %

2016 3rd Quarter : - 0.8 %

2016 4th Quarter : 4.2 %

2016 : 3.2 %

2017 1st Quarter: 5.0 %

2017 2nd Quarter: 5.1 %

*Average growth rate between 2011 and 2016 is 6.4 %.According to the OECD, Turkey is expected to be the fastest growing economy among the OECD members in the period of 2012-2017 and 2018-2030 with 5.1% and 4.3% respectively.

  • Since 2002 GDP per capita has increased from 3,492 USD to 10.883 USD in 2016. According to Purchasing Power Parity (PPP) GNI per capita was 24.636 USD in 2016. (According to IMF PPP Report)1
  • Inflation: 2002 29.70 %

2011 10.45 %

2012 6.16 %

2013 7.40 %

2014 8.17 %

2015 8.81 %

2016 8.53 %

2017 11.90 % (2017, October) 1

  • Central Government Budget Deficit / GDP: -1.4 % (2016, December)1

-1,9 % (2017 estimate) 1

  • FDI inflow:

4.8 billion USD (2017, January-August) 3

12.3 billion USD (2016) 3

17.1 billion USD (2015) 3

* Turkey has managed to attract 176.6 billion USD worth of foreign direct investments (FDI) between 2003-2016.

  • Exports: 103.323 billion USD (2017, January- September) 1

143 billion USD (2016) 1

143.8 billion USD (2015)

  • Imports: 148.979 billion USD (2017, January- September) 1

199 billion USD (2016) 1

207.2 billion USD (2015)1

  • Trade Volume: 252.302 billion USD (2017, January- September) 1

342 billion USD (2016) 1

351 billion USD (2015) 1

  • Trade Balance: - 45.656billion USD (2017, January- September) 1

-56 billion USD (2016) 1

- 63.4 billion USD (2015)1

  • Rate of Exports Meeting Imports:69.4 % (2017, January- September ) 1

71.8 %(2016) 1

69.4 % (2015) 1

  • Turkish Official Development Assistance: 3.9 billion USD in 2015 4

6.1 billion USD in 2016 4

  • Reserve of Foreign Exchange: 95.481 billion USD (27 October 2017) 2
  • Banking Sector Capital Adequacy Ratio: 16.87 % (2017, August) 2

15.6% (2016, December) 2

  • Public Net Debt Stock: 236.8 billion TL (2017, Second Quarter)2
  • Agreements for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income with 83 countries.
  • Agreements for Reciprocal Promotion and Protection of Investments with 76 countries

  • Free Trade Agreements in force: 18 countries and EFTA. (totally 19)3
  • Tourism:

41.6 million visitors; 31.5 billion USD revenue (2015) 1

31.3 million visitors; 22.1 billion USD revenue (2016) 1

26 million visitors; 20,1 billion USD revenue (2017, between January and September) 1

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