Rank of Turkey from the poorest countries is 111 and from the richest is 92 with gdp per capita in atlas method is 2,790 $ in 2003. In other methods such as IMF,WB and CIA in 2007,2007, and 2008 in nominal method
|Economy of Turkey|
|Rank||17th (nominal) / 15th (PPP)|
|Currency||Turkish lira (TRY)|
|Fiscal year||calendar year|
|Trade organisations||G-20 major economies, OECD, EU Customs Union, WTO, ECO, BSEC|
|GDP||$1.358 trillion (PPP, 2012)|
$789.257 billion (Nominal, 2012)
4.4% (Q2 2013)|
5.2% (2002-2011 average)
6.7% (2011-2017 avg. Forecast in OECD)
|GDP per capita||$18,348 (PPP, 2012)|
$10,666 (Nominal, 2012)
|GDP by sector||agriculture: 8.9%; industry: 28.1%; services: 63.0% (2012 est.)|
|Inflation (CPI)||6.1% (April 2013)|
5.3% (2013 target)
5.0% (2014 target)
below poverty line
|Gini coefficient||40.2 (2010)|
|Labour force||27.34 million (2012 est.) note: about 1.2 million Turks work abroad|
|agriculture: 25.5%, industry: 26.2%, services: 48.4% (2010)|
|Unemployment||8.8% (June 2013)|
8.9% (2013 In Medium Term Programme)
8.8% (2014 In Medium Term Programme)
|Main industries||textiles, food processing, autos, electronics, tourism, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper|
|Ease of Doing Business Rank||71st|
|Exports||$163.40 billion (29th) (2012)|
|Export goods||apparel, foodstuffs, textiles, metal manufactures, transport equipment|
|Main export partners|| Germany 8.6%|
United Kingdom 5.7%
United Arab Emirates 5.4%
France 4.1% (2012 est.)
|Imports||$228.90 billion (22nd) (2012)|
|Import goods||machinery, chemicals, semi-finished goods, fuels, transport equipment|
|Main import partners|| Russia 11.3%|
United States 6.0%
Iran 5.1% (2012 est.)
17th largest nominal GDP, and 15th largest GDP by PPP. The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, Turkey is also a part of the EU Customs Union.
While many economies have been unable to recover from the recent global financial recession, the Turkish economy expanded by 9.2% in 2010, and 8.5 percent in 2011, thus standing out as the fastest growing economy in Europe, and one of the fastest growing economies in the world. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.
The CIA classifies Turkey as a developed country. Turkey is often classified as a newly industrialized country by economists and political scientists; while Merrill Lynch, the World Bank, and The Economist describe Turkey as an emerging market economy.
The World Bank classifies Turkey as an upper-middle income country in terms of the country's per capita GDP in 2007. Mean graduate pay was $10.02 per manhour in 2010.
According to a survey by Forbes, Istanbul, Turkey's financial capital, had a total of 28 billionaires as of March 2010 (down from 34 in 2008), ranking 4th in the world behind New York City (60 billionaires), Moscow (50 billionaires), and London (32 billionaires).
In 2009 the Turkish government introduced various economic stimulus measures to reduce the impact of the 2007–2012 global financial crisis such as temporary tax cuts on automobiles, home appliances, and housing. As a result, the production of durable consumer goods increased by 7.2%, despite a decrease in automotive production.
The Turkish Stock Market and credit rating agencies have responded positively. According to The Economist, share prices in Turkey nearly doubled over the course of 2009. On 8 January 2010, International credit rating agency Moody's upgraded Turkey's rating one notch. In 2012, Fitch upgraded Turkey's credit rating to investment grade (long-term foreign currency Issuer Default Rating (IDR) was upgraded to BBB- (from BB+) and long-term local currency IDR was upgraded to BBB (from BB+)) after an 18-year gap; this was followed by a ratings upgrade by Moody's in May 2013, as the service lifted Turkey's government bond ratings to the lowest investment grade Baa3. The decision is Moody's first investment-grade rating for Turkey in two decades and the service stated in its official statement that the nation's "recent and expected future improvements in key economic and public finance metrics" was the basis for the ratings boost.
Turkish President Abdullah Gul said that Turkey was one of the rare countries whose financial institutions made profits in the last three years at a time of global economic crisis. Turkey is the world’s 15th and Europe’s 6th largest economy and the Turkish economy grew 11% in the first six months of 2010. Turkey is the country in OECD with the biggest growth of economy. According to the International Monetary Fund (IMF) Turkey will exceed China, United States, Brazil, and Japan in the rise of national income.
According to the Financial Times Special Report on Turkey, Turkish business executives and government officials believe the quickest route to achieving export growth lies outside of traditional western markets. According to Daniel Dombey of the Financial Times, a bit over five years ago, the "European Union accounted for much more than half of all Turkey’s exports. Now the figure is heading down toward not much more than a third”. Erdem Başçı, Turkey’s central bank governor, predicts that Iraq will eventually become Turkey’s largest export market. The Turkish government is intricately involved in helping to facilitate private sector expansion in emerging markets. “The government has a strategic vision, saying: ‘We will open up more embassies in growth regions and emerging markets such as Africa, Turkish Airlines will fly there, so Turkish businessmen can go there to do business there,’” says Hüsnü Özyeğin, one of Turkey’s most prominent businessmen and bankers. Similarly, Ahmet Davutoğlu, Turkey’s foreign minister, is focusing his attentions on the Middle East and striking a series of visa-free travel deals, while eyeing to establish free trade zones with the countries in the region. The AKP government is also seeking to improve economic and political relations with the autonomous Kurdish Regional Government (KRG) in northern Iraq.