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Turkey’s Economy

Turkey’s Economy

Turkey has the world’s 15th largest GDP-PPP and 17th largest nominal GDP. The country is a founding member of the OECD and the G-20 major economies. Turkey’s GDP is nearly $ 755 billion in 2019 (according to TUIK). Shares of GDP are Agriculture 6,43%; Industry 27,71% and Services 55,91%.

Turkey’s key economic sectors are tourism, banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, iron and steel, machine industry, automotive, shipbuilding, mining (coal, chromite, copper, boron), lumber, paper. Turkey is a candidate member of the European Union. Turkey is a member of customs union with the European Union. Turkey has taken advantage of a customs union with the European Union, signed in 1995, to increase its industrial production destined for exports, while at the same time benefiting from EU-origin foreign investment into the country.

Some key information about Turkey is below:

  • Currently Foreign Exchange Rates (24.01.2012) 1 Euro= 2,36 TL (Turkish Lira); 1 USD= 1,81 TL, 1 GBP = 2,82 TL (TCMB)
  • Turkey’s exports $113,98 billion, imports $185,54 billion (in 2011). (DUNYA, 25.04.2011)
  • Exports – partners: Germany 9,8%, UK 6,2%, UAE 6%, Italy 5,9%, France 5%, Russia 4,9% (2008)
  • Imports – partners: Russia 15,5%, Germany 9,3%, China 7,8%, US 5,9%, Italy 5,5%, France 4,5%, Iran 4,1% (2008)
  • Inflation rate is under 6,4 %
  • Unemployment rate is 11,887 (percent of labor force)%. (IMF)

Doing business in Turkey