Country Facts of Turkey

  • Country Name: Republic of Turkey
  • Capital City: Ankara
  • Government: Parliamentary Democracy
  • Total Population: 79.6 million (2016)
  • Labor Force (Population): 39.5 million (2016)
  • Average Age: 30.2 (2016)
  • Official Language:Turkish
  • President: Binali Yıldırım
  • Prime Minister: Recep Tayyip Erdogan
  • Area: 783,562.38 km²
  • Time Zone: GMT +2
  • Traffic Flow: Right
  • Telephone Code: +90
  • Domain: .tr
  • Currency: Turkish Lira (TRY)
  • Financial Center: Istanbul
  • GDP: 717 billion USD (2016)
  • GDP Per Capital: 9.221 USD (2016)
  • Exports Value: 152 billion USD (2016)
  • Imports Value: 200 billion USD (2016)
  • Tourism Revenue: 31.5 billion USD (2016)
  • Tourist Number: 36.24 million (2016)
  • Foreign Direct Investment (FDI): 12.749 million USD (2016)
  • Number of Companies with Foreign Capital: 39.200 (2016)
  • Inflation Rate: 8.81% (2015)
  • Neighboring Countries: Bulgaria, Greece, Syria, Iraq, Iran, Azerbaijan, Armenia, Georgia
  • Major Cities (Population): Istanbul (14.1 million), Ankara (5 million), Izmir (4 million), Bursa (2.7 million), Antalya (2.1 million) (2016)
  • Climate: Temperate; hot, dry summers with mild, wet winters
  • Major Exports Markets: Germany ($ 16.9 B); Iraq ($ 10.3B); UK ($ 10.3B); France ($ 7.87 B); Italy ($ 7.58 B) (2016)
  • Major Imports Sources: China ($ 24.6B); Germany ($23.5B); Russia ($ 14.7B); Italy ($ 12.3 B); US ($ 11.8 B) (2016)

The Turkish Economy

In the beginning of 2015 economic year in Turkey, the growth has slowed down because of the upturn that is faced in the last quarter of 2014 for a short time. The upcoming elections caused some uncertainties. And also in some regional parts, the tension kept growing. These situations effected investments and consumption spending. The GDP growth has been projected that it will rise gradually over 2015 and 2016. However, the numbers were below their potential because of the “wait and see” attitudes of businesses and household dissipates.

Considering the backdrop of large foreign financing needs and the volatile capital flows, inflation will need to be pulled down. It keeps remaining higher than it is expected. But the crucial thing is that to further rebalance demand from domestic to external sources, obtaining durable competitiveness gains and providing the potential of the business sector’s productivity. The growth can spur rapidly by the labor market reforms and the implementation of key products.

After the Worldwide crisis, private investment had its peak level in 2011 and that caused a fast recovery. But it was weak and slow in general. But on the contrary, government continued investing mainly in infrastructure, and that continued until the end of the 2013 and that provided support during volatile economic activity. The uncertainty in exchange rate, foreign exchange exposures and corporate leverage and regional geopolitical tensions is going to influence the clip of the recovery of investment.

OECD Economic Forecast Summary June 2015