Economic Analysis of Turkey

Topics: Economic growth, Economics, Pension Pages: 14 (2718 words) Published: March 23, 2011
Economic Analysis of Turkey

Damian, Chris, Tom, Mark

Table of Contents
Standards of Living
GDP Importance
GDP Flaws
GDP Statistics
Turkey Infrastructure
Market Economy
Unemployment Rate
Poverty Line
HDI Index
Life expectancy
Educational Background
Top Problems in Environment
Long Term Economic Growth
Human Capital
Division of Labor
Government policy
Economic Freedoms
United States Policy

Turkeys Government
Turkey was inherited with large debts and had an economic structure that was based around agriculture.  They were given this structure by the founder which was the Ottoman Empire. New laws were introduced to the country and a financial institution was being developed. Turkey’s economy is a mix of industry and agricultural.  

Turkey GDP Growth Rate
Turkeys GDP has expanded to 1.10 percent in the third quarter over the previous quarter in 2010. Over the years Turkey has had an average growth of .89 percent in their GDP. Throughout the years of 1998 until 2010, Turkey has seen both its highest growth in GDP (6.69 percent) and also its greatest decline in GDP (-7.57 percent). Turkey’s country is rapidly developing and is known as the largest national economy in Central and Eastern Europe. Turkey also has a complex economy which is a mix of modern industry and also the traditional agricultural sector, which still accounts for 30 percent of Turkey’s employment. This growth is also supported by the strong and rapidly growing private sector. But yet the state still finds itself as a major participant in basic industry, banking, transport, and also communication. GDP Flaws in Turkey

Being both a industry and agricultural economy may have swings in GDP rates over certain years and also in the future.

GDP (purchasing power parity):
$958.3 billion (2010 est.)
country comparison to the world: 17
$893.1 billion (2009 est.)
$937.1 billion (2008 est.)
note: data are in 2010 US dollars

GDP (official exchange rate):
$729.1 billion (2010 est.)

GDP - real growth rate:
7.3% (2010 est.)
country comparison to the world: 16
-4.7% (2009 est.)
0.7% (2008 est.)

GDP - per capita (PPP):
$12,300 (2010 est.)
country comparison to the world: 94
$11,600 (2009 est.)
$12,400 (2008 est.)
note: data are in 2010 US dollars

GDP - composition by sector:
agriculture: 8.8%
industry: 25.7%
services: 65.5% (2010 est.)

Labor force:
24.73 million
country comparison to the world: 24
note: about 1.2 million Turks work abroad (2010 est.)

Labor force - by occupation:
agriculture: 29.5%
industry: 24.7%
services: 45.8% (2005)

Unemployment rate:
12.4% (2010 est.)
country comparison to the world: 131
14.1% (2009 est.)
note: underemployment amounted to 4% in 2008

Population below poverty line:
17.11% (2008)

Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 33.2% (2005)

Distribution of family income - Gini index:
41 (2007)
country comparison to the world: 56
43.6 (2003)

Investment (gross fixed):
18% of GDP (2010 est.)
country comparison to the world: 110

Public debt:
48.1% of GDP (2010 est.)
country comparison to the world: 54
46.3% of GDP (2009 est.)

Inflation rate (consumer prices):
8.7% (2010 est.)
country comparison to the world: 194
6.3% (2009 est.)

Central bank discount rate:
15% (22 December 2009)
country comparison to the world: 6
25% (31 December 2008)

Commercial bank prime lending rate:

Stock of narrow money:
$57.02 billion (31 December 2010 est)
country comparison to the world: 44
$44.94 billion (31 December 2009 est)

Stock of broad money:
$255.5 billion (31 December 2010 est.)
country comparison to the world: 36
$202.2 billion (31 December 2009 est.)

Stock of domestic credit:
$401.8 billion (31 December 2010...
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