Killer Facts About Turkish Economy

Topics: Turkey, European Union, Istanbul Pages: 11 (2909 words) Published: March 5, 2013

Macro Economy

1. Turkey is the world's 18th and Europe’s 7th largest economy. According to HSBC’s “The World in 2050” report, Turkey will be the world’s 12th and Europe’s 4th biggest Economy by 2050[1]. Turkey aims to be among the world’s 10 largest economies by 2023, on the 100th anniversary of the foundation of the Republic. In September 2010, the FTSE Group promoted Turkey from ‘secondary emerging’ status to ‘advanced emerging’ status[2].

2. Turkey currently is currently the fastest emerging market of Europe. Turkish GDP grew by 8.5% in 2011, making the country the fastest growing economy of Europe. Turkish GDP grew by an average rate of 7.5% on average between 2004 and 2007.

3. According to the OECD, Turkey is expected to be the fastest growing economy among OECD members during 2011-2017, with an annual average rate growth of 6.7%. OECD estimates that Turkey will be the third highest growing country after China and India by 2017 and will surpass India after 2017 to become number two.

4. According to the IMF data, Turkey’s Purchasing Power Parity (PPP) adjusted GDP for the year 2010 was $1.1trillion, which rose from $305bn in 2003. GDP per capita nearly tripled since 2002, from $3,500 to $10,444.

5. Turkey is one of the world’s biggest markets with a population of 74 million and a labour force of 27 million. Half of the population is below the age of 30. Turkey has the highest youth population and 4th largest labour force compared to EU-27 countries.

6. The Economist has recently coined the term ‘CIVETS’ (Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa), to describe six emerging, often overlooked, markets that are becoming ever-more attractive to investors. Turkey was commended for its young and growing population, diversified economy and low debt levels. It was noted for having the highest GDP per capita out of the six countries in the bloc.

• Istanbul and Ankara are among the biggest cities in the world in terms of GDP. At $188 billion, Istanbul’s GDP surpasses that of many EU countries such as Romania, Ukraine, Croatia and Luxembourg.

• Istanbul is the second largest city of Europe after Moscow with 13.5 million inhabitants.

• There are currently 145,000 Turkish entrepreneurs operating in Europe, employing 627,000 people and running €63 billion worth of businesses.

• According to the Forbes list of World’s Billionaires 2011, Istanbul inhabits 36 billionaires, ranking it at number 5 in the world; following Moscow, New York and London and Hong Kong.

• Starting a business in Turkey takes an average of 6 days, compared to the world average of 30.6 days and OECD average of 12 days.

• Two-thirds of Turkey’s overall FDI comes from the EU. Turkey has become an investment base for European businesses with increasing integration into the EU’s supply and production chain.

• Turkey’s annual foreign direct investment (FDI) volume was $22bn in 2007, more than its total amount between the years 1980 and 2004. FDI inflows to Turkey amounted to $15bn in 2011, showing a 75% rise in volume over the previous year. Over the last 10 years, Turkey attracted $110bn of FDI and ranked as the 13th most attractive FDI destination in 2012.

• The second biggest reformer among OECD countries in terms of its restrictions on FDI since 1997

• Turkey's export volume was $134bn in 2011, $20bn more than the amount registered for 2010. This is also more than Turkey’s total export volume between 1923 and 1991. The government’s official target is to increase exports to $170bn in 2015 and $500bn by 2023.

• As of the end of 2011, Turkey is the EU’s sixth biggest trade partner. Turkey is also Europe’s fifth biggest export and seventh biggest import partner. Turkey and EU exchanged $153bn worth of goods in 2011. 41% of Turkey's trade transactions were with the EU.

• Turkey’s...
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