Turkey Economics
ECONOMIC ANALYSIS : TURKEY
INTRODUCTION : TURKEY
Turkey is a transcontinental Eurasian nation, spread over 7.8 million sq km. In terms of economy Turkey is 15th largest GDP-PPP country. Turkey is a democratic republic, whereby the Prime Minister the head of government, and the President is the head of state who holds a largely ceremonial role. Accession to the EU has brought much deserved attention from international investors. Turkey is a member of the Council of Europe, NATO, OECD, OSCE and the G-20 major economies. It enjoyed 11 years of stable political and economical environment.
COMPETITIVENESS
EMPLOYMENT BY ECONOMIC ACTIVITY (%)
EMPLOYMENT (SEASONALLY ADJUSTED, MILLION PEOPLE)
UNEMPLOYMENT RATE
•The unemployment rate was 9.20 in Feb 2013. The all time high was 14.90 in Aprl 2009.
GDP ANALYSIS
GDP Trend
12 70 10 9.4 8.4 8 6.9 6.2 6 5.3 4.7 4 2.2 2 3.3 4.6 40 50 9.2 8.8 60
0.7
0 2002 -2 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
30
20
• Turkish economy has expanded at the rate of 25% CAGR over last 10 years • It is estimated to 4.6 from the current 2.2 @ 6.7% CAGR • Total GDP is expected to rise to approx. 1000 bn in 2015, from 794 bn in 2012. • GDP growth in Q1 2013 was 3%
10 -4 -4.8
-6
Annual GDP growth Cumilative GDP growth
0
Source: TURKSTAT, IMF, World Bank, UN
GDP ANALYSIS – COMPARISON
SECTOR-WISE GDP BREAK UP
Agriculture 9%
Industry 28%
Services 63%
• Turkish Economy is mainly supported by the service industry contributing 63% to the GDP. • The manufacturing sector mainly includes Consumer electronics, Textiles, Automobiles, Locomotives, ShipBuilding, Arms, Construction and Iron and Steel. • While the services sector includes Transport, Communication, Tourism and Financial • Financial sector in Turkey is one of the most upcoming sector for the economy
Source: TURKSTAT
INFLATION IN TURKEY
• Turkey had one of the highest inflation rates in the world pre 1998. • However, The Turkish govt. in 1998 adopted
INTRODUCTION : TURKEY
Turkey is a transcontinental Eurasian nation, spread over 7.8 million sq km. In terms of economy Turkey is 15th largest GDP-PPP country. Turkey is a democratic republic, whereby the Prime Minister the head of government, and the President is the head of state who holds a largely ceremonial role. Accession to the EU has brought much deserved attention from international investors. Turkey is a member of the Council of Europe, NATO, OECD, OSCE and the G-20 major economies. It enjoyed 11 years of stable political and economical environment.
COMPETITIVENESS
EMPLOYMENT BY ECONOMIC ACTIVITY (%)
EMPLOYMENT (SEASONALLY ADJUSTED, MILLION PEOPLE)
UNEMPLOYMENT RATE
•The unemployment rate was 9.20 in Feb 2013. The all time high was 14.90 in Aprl 2009.
GDP ANALYSIS
GDP Trend
12 70 10 9.4 8.4 8 6.9 6.2 6 5.3 4.7 4 2.2 2 3.3 4.6 40 50 9.2 8.8 60
0.7
0 2002 -2 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
30
20
• Turkish economy has expanded at the rate of 25% CAGR over last 10 years • It is estimated to 4.6 from the current 2.2 @ 6.7% CAGR • Total GDP is expected to rise to approx. 1000 bn in 2015, from 794 bn in 2012. • GDP growth in Q1 2013 was 3%
10 -4 -4.8
-6
Annual GDP growth Cumilative GDP growth
0
Source: TURKSTAT, IMF, World Bank, UN
GDP ANALYSIS – COMPARISON
SECTOR-WISE GDP BREAK UP
Agriculture 9%
Industry 28%
Services 63%
• Turkish Economy is mainly supported by the service industry contributing 63% to the GDP. • The manufacturing sector mainly includes Consumer electronics, Textiles, Automobiles, Locomotives, ShipBuilding, Arms, Construction and Iron and Steel. • While the services sector includes Transport, Communication, Tourism and Financial • Financial sector in Turkey is one of the most upcoming sector for the economy
Source: TURKSTAT
INFLATION IN TURKEY
• Turkey had one of the highest inflation rates in the world pre 1998. • However, The Turkish govt. in 1998 adopted