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Economy of Turkey

INTERNATIONAL ECONOMICS. Economy of Turkey. Overview. Turkey - Europe & Central Asia (developing only) Income Level: Upper middle income GDP (current US$) : $789.3 billion Population (Total) : 74 million Life expectancy at birth, total (years) : 75.

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Economy of Turkey

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  1. INTERNATIONAL ECONOMICS Economy of Turkey

  2. Overview • Turkey - Europe & Central Asia (developing only) • Income Level: Upper middle income • GDP (current US$) : $789.3 billion • Population (Total) : 74 million • Life expectancy at birth, total (years) : 75

  3. Macroeconomic OutlookGrowth Forecasts for Selected Countries/Country Groups Source: IMF, OECD, WB • In 2013, Turkish economy grew by 4%. • According to the IMF, Turkish Economy is expected to grow by 2.3% in 2014.

  4. Economic Targets of 2014-2016 Medium Term Program *Actual (Medium Term Program, Ministry of Development – October 8, 2013) • Medium Term Program which covers 2014-2016 period aims to reduce the current account deficit gradually and increase the growth rate by minimizing the effects of global uncertainty.

  5. Real GDP Growth of Selected Countries/Country Groups (2013) Source: TURKSTAT, IMF • Turkish Economy expanded by 4% in 2014.

  6. Annual Economic Growth Rates (2003-2013) • Mean annual growth rate between 2003 and 2013 was 5%. • Real GDP growth for 2013 realized as 4%.

  7. GDP Per Capita • Since 2002 GDP per capita has tripled from 3,492 USD to 10,782 USD in 2013. According to Purchasing Power Parity (PPP) GNI per capita surpassed 18 thousand USD in 2012.

  8. Inflation (Annual Percent Change) • Annual inflationin 2013 was realized as 7.40% and 6.97% according to CPI and PPI, respectively.

  9. Financial Markets • Comparing to previous year, total assets of the banking sector increased by 28.1% and reached 1.8 trillion TL in February 2014. • Capital Adequacy Ratio of Turkish Banking Sector is 15.5% in February 2014.

  10. Central Government Budget Deficit/ GDP (%) • Central government budget deficit/GDP ratio was 1.2% in Turkey in 2013 and Turkey satisfied the Maastricht criteria of 3%. Turkey also outperformed 23 EU Countries. • In January-February 2014 period, central government budget surplus was 3.5billionTL compared to 4.4 billion TL in the same period of 2013.

  11. Unemployment Rates (%) • InJanuary2014, unemployment rate was 10.1% andseasonallyadjustedunemployment rate was 9.1%. • In 2013, unemployment rate was 9.7%. • Seasonallyadjustedunemployment rate in Euro Areawas 11.9% and 10.6% in (EU28) in February 2014. Interms of unemploymentratioTurkeyoutperformed 14 EU countriesaccordingtocurrent data. • AfterRussia, Germany, Englandand France, Turkey has the 5th largestlaborforceamongtheEuropeancountries. (2012, World Bank)

  12. Potential of Population (2012) • Turkey has a population of 76.7 million in which half of the population is under the age of 30.4. • Growth rate of population is 1.4% in Turkey, 0.2% in EU Countries and 0.1% in Germany.

  13. FOREIGN TRADE Targets in Merchandise Trade * Actual (Source: TURKSTAT) **Forecast: Medium Term Programme, Ministry of Development, 2014-2016)

  14. Foreign Trade Volume/GDP (%) • The ratio of foreign trade volume to GDP was 49.2% in 2013. • Turkey’s integration to the international trade system is eminent.

  15. Distribution of Foreign Trade in Broad Economic Categories EXPORT IMPORT

  16. Main Trade Partners (Jan-Feb 2014) Main Export Partners (Share,%) Main Import Partners (Share,%)

  17. Turkey's Share in Global Services Exports (%)

  18. Tourism Statistics (Quarterly) • Turkey ranks as the 6th in the world and the 4th in Europe among the most favourite tourism destinations. • Turkey’s income per tourist increased by 3.6% in 2013 compared to 2012.

  19. Trade between Turkey and the EU 178 trade representatives from the Ministry are serving in 110 countries, 160 locations and 6 offices abroad.

  20. RESOURCES • IMF • OECD • World Bank • TURKSTAT • BRSA (www.bddk.org.tr) • EUROSTAT • MINISTRY OF ECONOMY • Central Bank of the Republic of Turkey

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