Turkey economy

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Turkey
TurkeyTurkey
World economic rank 17. (nominal)
13. (PPP)
currency Turkish Lira (TRY)
Conversion rate 1 EUR = 7.58 TRY
(as of June 3, 2020)
Key figures
Gross domestic
product (GDP) 		$ 849.5 billion (2018)
$ 2.173 billion (2018) (PPP)
GDP per capita $ 11,124 (nominal) (2018)
$ 27,634 (PPP) (2018)
GDP by economic sector Agriculture . 8.6% (2016)
Industry : 26.7% (2016)
Services : 64.3% (2016)
growth + 6.7% (2010-2016 avg.) + 11.1
% (Q3 2017)
inflation rate 19.71% (April 2019)
Employed 31.3 million (2017)
Employed persons by economic sector Agriculture : 24.7% (2009)
Industry : 25.3% (2009)
Services : 50% (2009)
Activity rate 48.0% (August 2017)
Unemployed 4.66 million (April 2019)
Unemployment rate 14.7% (April 2019)
Foreign trade
export $ 157.1 billion (2017)
Export goods Industrial goods, consumer goods
Export partner Germany : 9.6% (2017)
United Kingdom : 6.1% (2017)
United Arab Emirates : 5.9% (2017)
import $ 234.2 billion (2017)
Import goods Industrial goods, fuels and lubricants, capital goods
Import partner China : 12.0% (2015)
Germany : 10.3% (2015)
Russia : 9.8% (2015)
Foreign trade balance USD −105.9 billion (2011)
public finances
Public debt 26.5% (2017)
Government revenue $ 225 billion (2015)
Government spending $ 234 billion (2015)
Budget balance −0.9% of GDP (HP 2011)

The economy in Turkey yielded purchasing power due 2016, the three tenth largest economic output of the world, however, has one of the world's highest current account deficits (relative to GDP ). Istanbul is considered the largest market and transshipment point in Turkey. The city's economic life is dominated by the stock exchange , wholesale , transport, banking, press and publishing sectors . There are several bazaars as well as modern western-style shopping streets . The craft and industrial companies mainly produce textiles and food. The construction of automobiles, buses, tractors and diesel engines is also an important industry .

Since 2017, symptoms of crisis have been increasing due to the country's high inflation and high foreign debt : Several rating agencies downgraded the creditworthiness of Turkish government bonds Standard & Poor's rated Turkey BB- / B - (two levels below investment grade). The downgrade reflects her view that there is a risk of a hard landing for the Turkish overheating and credit-financed economy. In her opinion, this is reflected in the growing imbalances in the Turkish economy, in particular in the worsening debt-financed current account deficit and high inflation. Fitch downgraded Turkey from BB + to BB on July 13, 2018. The decision came after a tough week for Turkish bond stocks and the lira following President Erdoğan's decision to appoint his son-in-law Berat Albayrak as finance minister. Inflation was 19.71% in March 2019. In addition, since 2017 the exchange rate of the lira against the US dollar and the euro has often reached the lowest level in its history. In addition, unemployment is around 15% and youth unemployment is 26.7% (as of April 2019).

In the Global Competitiveness Index , which measures a country's competitiveness , Turkey ranks 53rd out of 137 countries (as of 2017-18). In 2017, Turkey ranked 60th out of 180 countries in the Economic Freedom Index .

history

Industrialization in the Ottoman Empire

Bankalar Caddesi was Istanbul's financial center during the Ottoman period.

The industrial revolution that took place in Europe in the 19th century barely reached the Ottoman Empire for several reasons. On the one hand there was a lack of capital and infrastructure, but also the entrepreneurial mentality of the population. The entrepreneur was not as highly regarded in the society of the Ottoman Empire as a career as an officer or civil servant. There was no economic activity outside of the craft, agriculture and as a large landowner.

The handicraft got into increasing difficulties in the 19th century because it could not compete with the industrially produced goods. The European powers had negotiated ( capitulations ) to enforce the greatest possible exemption from customs duties for manufactured products and “flooded” the market with cheap mass-produced goods. Financial dependencies, economic weakness and costly wars made the Ottoman Empire increasingly dependent on Europe . In 1875, the Reich declared bankruptcy due to the interest burden due to the high debt. The empire had to cede its financial sovereignty to the creditor countries in order to remain solvent. Financial and economic sovereignty was only regained after the republic was founded.

There were only a few industrial companies in the empire. Most of them were located in Istanbul , İzmit , Eskişehir , Bursa , Manisa and Izmir and were mostly in state hands. The few private companies were mostly owned by minorities such as Armenians , Greeks and Jews . Agriculture and crafts formed the backbone of the Ottoman economy.

State planning in the Turkish Republic

The legacy of the Ottoman past weighed heavily on the newly established republic. The craft, banking and foreign trade suffered from the loss of the Armenian know-how and the Greek social activity. With the departure of the majority of these previously economically dominant minorities in the course of the Armenian genocide and the expulsion of the Greeks , not only capital was lost, but also soft factors such as commercial experience and international trade relations. After many non-Muslim Armenians and Greeks were killed or fled, their properties were expropriated . This appropriation and plundering of property, fortune and land formed the economic basis of the Turkish Republic and filled the Turkish economy with capital again.

Agriculture failed as a source of finance for investment because it was inefficiently organized. Most of the land belonged to large landowners who leased their land to small farmers or had them cultivated. There was no incentive to increase yields. The framework conditions for an economic upturn were also not in place. There was a lack of a modern commercial law, administration, tax system and educated population (in 1927 90% of the 14 million Turks were illiterate).

The government under Mustafa Kemal relied on industry in its development policy from 1923 and neglected agriculture. In order to stimulate the private economy, the state invested in the infrastructure in the following years, especially in the railway network (foundation of the TCDD in 1927). Otherwise it pursued a liberal economic policy. In the early years of the republic, however, the private economy did not get off to a good start due to the poor framework conditions, although the Turkish economy grew by an average of 11% between 1923 and 1930. Turkey was not interesting enough for foreign investors due to its small market. In 1927, it was estimated that only 27,000 people were employed in industry in Turkey.

After the end of the economic crisis in the 1930s , Turkey began to push industrialization through state investments and the establishment of companies. The statism was elevated to one of the six Kemalist principles. To this end, “ five-year plans ” were drawn up and used in sectors such as B. Textiles , cement , ceramics , banks invested. To create the investment volume, Turkey took out a loan from the Soviet Union . Politicians now pursued a strategy of import substitution . Yet in 1953 there were just 26,000 in private and 86,000 workers in state industrial companies.

Import substitution after World War II

The phase between 1945 and 1980 can be described as a domestically oriented import-substitution-economic policy. The domestic entrepreneurs were protected from foreign competition by protective tariffs . Because the state bureaucracy at the same time inhibited exports , there was subsequently a lack of the necessary foreign exchange to import the capital goods and intermediate products required for further industrialization . Most of the state commercial enterprises were inefficiently organized. The state-owned enterprises were instrumentalized by politics for political and social goals. On the one hand, they had to sell their goods at politically motivated fixed prices; on the other hand, they were used as a catch basin for the unemployed and therefore hired staff beyond their needs. In order to meet the ambitious goals of the five-year plans, the state had to invest more than it received. The budget deficit increased, and with it the debt, until inflation reached double-digit values ​​(single-digit inflation figures were only reached again in 2004).

The new DP government under Menderes took agriculture at the center of development from 1950. Agriculture was supported with subsidies and guaranteed prices. The populist measures led to a high budget deficit, the mechanization also farm workers in the 1950s was more arbeitlos than a million, from mid began a massive unplanned rural-urban migration and urbanization .

The increasing dependency due to foreign debt led to three financial and economic crises in the 1950s, 1960s and 1970s, which resulted in social and political crises and ended in military coups. In the 1960s in particular, many Turks emigrated as guest workers , mainly to Central and Western Europe. This reduced the pressure on the labor market caused by strong population growth . The money transfers of the " Turks abroad" were one of the most important sources of foreign currency in Turkey in the following decades . Despite the difficulties described, the average economic growth in Turkey was quite high. In the 50s it was 6.7%, in the 60s 5.6% and in the 70s 4.1%. However, the growth rates were not enough to close the gap to the industrialized nations.

Liberalism after the 1980 military coup

From 1982 there was a political turnaround in Turkey towards liberalization. This change took place under Turgut Özal (Prime Minister from 1983 to 1989) and can be described as export-oriented industrialization . Under Özal, monetary, financial, foreign trade and foreign exchange policies were radically changed. In order to make the Turkish economy more competitive, import bans and restrictions were removed and exports promoted. This was accompanied by a further reduction in bureaucracy (e.g. facilitating foreign investment). During this time, the share of the private economy rose sharply, also because of the increasing privatization of formerly state-owned companies. Average economic growth in the 80s was 4.8%. Industry and services displaced agriculture as the largest economic sector: in 1980 the industrial sector contributed 14% to GDP, compared to 32.4% in 1988. Turkish exports rose from 2.9 billion in 1980 to 14.7 billion in 1992. However, growth was unevenly distributed within the regions of Turkey (west and east) and between the population groups. This development intensified with the clashes in the southeast from 1984 (see: Kurdish conflict in Turkey ).

Due to the increasing lowering of the import barriers, the competitive pressure on the Turkish companies increased. The climax of this development was the accession to the European customs union in 1996 . However, the feared collapse of the Turkish economy did not materialize. But the hoped-for increase in foreign investment also failed to materialize. In the 1990s the Turkish economy grew at an average growth rate of over 5%, even though there were repeated severe economic crises (1994, 1999 and 2001).

The last crisis in 2001 was triggered by a rising current and trade deficit , combined with an ailing banking system and a national crisis. Because of these problems, speculation and capital flight arose , forcing the Turkish central bank to release the Turkish lira . Due to the sharp decline in the value of the lira (40% within a few hours), the foreign debt (calculated in lira) rose to unaffordable heights, whereupon many companies went bankrupt and unemployment rose sharply. 21 banks filed for bankruptcy. The deposits were secured by the Turkish state. The result was one of the worst recessions in Turkish history (Turkish economic output shrank by over 8%). In order to avert national bankruptcy, the IMF granted Turkey a loan totaling $ 31 billion between 2002 and 2004. Due to the strict austerity policies of the governments since 2001 and the requirements of the IMF, Turkey has overcome the severe financial crisis of 2001. The reform of the banking and financial sector at the time brought Turkey a stable starting position in the global economic crisis from 2008 onwards . No Turkish credit institute has so far been economically weak.

Since 2000

Levent Business District , one of the most important financial centers in Istanbul .

Between 2002 and 2005 the economy grew annually at an average growth rate of around 7.2%. Exports more than doubled in the same period. Inflation was given at 7.7 percent in 2005 (in the previous decades it had reached three-digit values).

In 2004 the budget deficit was 7%. In 2005, state-owned companies were privatized.

Development of the trade balance of Turkey

Only part of the population benefited from economic growth (2002: 7.9% 2003: 5.9% 2004: 9.9% 2005: 7.6%). The economic structure of Turkey has since the 1990s changed dramatically . The dominant agricultural sector became less important, especially in terms of the number of employees. The service sector, which currently provides around 60% of GDP, became dominant. Industry accounts for 30% of GDP and agriculture only around 10% of GDP.

In 2014, the Ankara – Istanbul high-speed line was opened.

Current situation

In spring 2017, the rating agency Moody's downgraded Turkey's creditworthiness from “stable” to “negative”. In the annual report, which was published in November of the same year, the political risks and the high vulnerability to external influences were described as major weaknesses of the country and its economy. Moody's further downgraded Turkey in 2018 to a "Ba2" rating (in the junk paper area). The exchange rate of the Turkish Lira (YTL) reached its lowest level in its (YTL) history on November 21, against the dollar and the euro , with 4.67 lira for one euro and 3.97 lira for one US dollar. This meant an eight percent drop in value between the end of October and the end of November 2017.

In November 2017, inflation in Turkey was 12.98%, the highest since 2003. In addition, the yield on Turkish government bonds with a term of ten years was increased to 12.74% (previously twelve percent). Recep Tayyip Erdoğan criticized the central bank's slight rate hike and spoke of an “ interest rate lobby” that is getting rich at the expense of Turkey. In the course of this he called - contrary to the (unanimous) opinion of economics - lower interest rates against inflation. In the third quarter of 2017, the economy grew by over 11 percent.

A currency and debt crisis has developed in Turkey since spring 2018. This is characterized by high inflation due to excessive growth in the money supply , as a consequence an accelerated decline in the value of the Turkish lira, the withdrawal of foreign capital and sharply rising borrowing costs as well as correspondingly growing payment defaults and finally a contraction of the economy. The crisis was made possible by excessive current account deficits and caused by the growing authoritarianism of President Recep Tayyip Erdoğan and his unorthodox ideas about the central bank's interest rate policy, which caused the money supply to grow excessively.

structure

Industry

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The private industrial sector is dominated by industrial families such as Sabancı and Koç .

In 2004 the textile industry was the most important industrial sector in Turkey and the largest export branch. In 2004 the Turkish textile industry exported goods worth about $ 20 billion (in 2003 it was still $ 15 billion). Turkey was the sixth largest cotton producer in the world. The textile industry was mainly concentrated around the cities of Istanbul and Bursa. In total, it employed around 4 million people. In 2006 the Turkish textile industry got into a crisis and had to lay off several hundred thousand people because it could not compete with the cheap wages in East Asia.

In addition, the automotive and electronics industries have a certain importance. In 2004 Turkey produced 862,000 cars, of which 519,000 were exported. In 2007 production rose to 1.1 million. Centers of the automotive industry are the cities of Bursa and Adana . In 2004 exports were $ 10.7 billion and in 2005 $ 13.7 billion. Many buses are produced in Turkey. The main export destinations are Europe and the Gulf region . Toyota , MAN , Daimler AG , Ford , Fiat and Renault have (as of 2005) production sites in Turkey. Then there are the Turkish automobile manufacturers such as Tofaş , Karsan , Temsa and BMC . Around 500,000 people work in this industry. Reasons for the interest of foreign automobile companies in Turkey are low wages with high quality, market growth and the geostrategic location.

In 2005, a third of all televisions sold in Europe were produced in Turkey. In 2012 the production volume of the Turkish electrical industry was 12.5 billion dollars after 9.5 billion dollars in 2009, goods worth 16.1 billion dollars were imported (2009: 12.2 billion) and 6.8 billion dollars were exported (2009 : 4.9). Companies like Robert Bosch GmbH and Sony had production sites in Turkey in 2004 and manufactured household appliances. The food industry is concentrated in Western Anatolia.

Agriculture

About a third of the area is used for agriculture. Turkey is considered the world market leader in the cultivation of hazelnuts. Cotton, tobacco and olives are also important. Viticulture has been gaining importance again since 1980 .

The gigantic Southeast Anatolia project is intended to enable the agricultural use of an area the size of the Benelux countries.

tourism

The Turkey is the world's sixth largest tourism destination. Image: Ölüdeniz

The tourism is an important economic sector in Turkey and is one of their biggest sources of foreign exchange . The tourist centers are the southern Aegean coast and the " Turkish Riviera " between Antalya and Cape Anamur . In 2008, Turkey generated revenue of around $ 21 billion from tourism and $ 26.2 billion in 2018. On average, foreign tourists spent $ 800 per capita.

Turkish tourism contributed 13 percent to the gross domestic product in 2015. In the first nine months of 2016, the number of foreign tourists fell by a third. Since the attempted coup in July 2016, many hotel operators have had to file for bankruptcy under the impression of terrorist attacks and the autocratic behavior of President Erdogan . Foreign exchange income from tourism fell from $ 24.9 billion (January to September 2015) to $ 17.3 billion (January to September 2016). The semi-state company Turkish Airlines (THY), the tenth largest airline in the world with 60 million passengers, posted a loss of 647 million dollars in the first half of 2016.

In 2017, the number of foreign holidaymakers rose again compared to 2016.

In 2018, the number of foreign tourists reached a new record high of 39.5 million (in 2004 it was around 17.2 million). The largest national group among tourists to Turkey was made up of around 4.4 million Germans, followed by Russians (2.8 million) and British (2.2 million).

Banking

In 2001, auditors uncovered inconsistencies at many private banks. This economic scandal was one of the causes of the severe economic crisis at the time. As a result, many banks were brought under state control and privatized after the restructuring. The largest banks in the country are the state-owned Ziraat Bank and the private banks Türkiye İş Bankası and Akbank .

Mining

In Turkey, chrome , hard coal , lignite , iron and, to a lesser extent, lead , zinc , gold , copper and silver are mined. In 2004, approximately $ 1.08 billion in products were exported. With the new mining laws and new private mining areas, the government expects an export volume of $ 2 billion in 2006. Turkey has the world's largest reserves of boron .

energy

Turkey as a natural gas transit country: Transanatolian Pipeline (TANAP)
Structure of electricity production in Turkey

Turkey obtains the majority of its energy from imports of gas and oil. The share of electricity production from natural gas has increased massively since 1990 and represented more than 40% in 2012. The main suppliers are Iran and Russia. Since February 2003, natural gas has been supplied from Russia to Turkey via the Blauer Strom gas pipeline . There are plans to extend this pipeline to the southern European countries. About 20% of the energy production is produced by hydropower plants. The largest dam is the Ataturk Dam, which has been in operation since 1992 and is part of the Southeast Anatolia Project . The network of 17 hydropower plants should be able to supply an amount of energy of up to 27 billion kWh. These projects are designed to help the East develop better.

Another considerable part of the energy generated in Turkey is generated with domestic hard coal.

The Baku-Tbilisi-Ceyhan pipeline runs from Azerbaijan to the Turkish Mediterranean port of Ceyhan .

Turkey plans to build three nuclear power plants . The first nuclear power plant in Akkuyu (Mediterranean province of Mersin) with a planned capacity of 4,800 MW (4 × 1,200 MW) is being built by the Russian company Rosatom and is expected to cost $ 20 billion. According to reports, the preparatory work is proceeding according to a given schedule. The reference project is the Russian nuclear power plant AES-2006 . The facility in Akkuyu will produce 35 billion kWh of electricity annually after completion. According to the current schedule, electricity generation in the first reactor will begin in mid-2020. The total service life is specified as 60 years. The second Atmea-I nuclear power plant of the third generation is to be built in Sinop on the Black Sea by the French company Areva and the Japanese company Mitsubishi Heavy Industries . A capacity of 4,400 MW (4 × 1,100 MW) is planned. The consortium plans to start construction work in 2017. No location has yet been determined for the third nuclear power plant.

Structural problems

GDP per capita in Turkish provinces 2014 (source OECD)

The greater Istanbul area , for example, reaches 41% of the average income of the 15 “old” EU countries, while the east only 7%.

There are also significant structural problems within the Turkish economy . So wearing agriculture to GDP at only 11.9%, but employs 30.6% of the workforce.

The industry contributes 29.6% to GDP and the service sector 58.5%. 19.3% of all employed persons work in industry and 44.5% in services.

The number of employees subject to social security contributions rose from 44.6% in the previous year to 48.9% in August 2005.

Turkey suffered from chronic inflation for decades , which was curbed in the mid-2000s. Inflation at times reached three-digit, almost hyperinflationary figures (it was 150% in 1994/1995), in 2003 it fell to 18.4%, the estimate for 2007 is 7.3%. On January 1, 2005, the old " Turkish Lira " was replaced by the " New Turkish Lira " ( Yeni Türk Lirası ). The Turkish Lira lost 6 zeros. In addition, the subunit of the lira, the kurus , was reintroduced. The Kuruş was abolished in the mid-1980s because the lira had depreciated significantly due to high inflation. On the front of the new 20, 50 and 100 lira notes, the Turkish state founder Ataturk can be seen , just like before . Both currencies were valid until the end of 2005. Inflation has risen sharply again since 2016.

A major economic problem is a very large current account deficit. In 2011 Turkey had the largest current account deficit (in relation to GDP) of all countries at −8%. In January 2012, the current account deficit was even in double digits (−10%) and the highest of all G-20 countries. The high current account deficit is caused by the fact that consumer spending in Turkey has grown 5% faster than GDP in the past seven years (as of 2012). This is financed through high lending.

Since 2013 there has been an increased capital withdrawal by foreign investors. Due to the resulting devaluation of the Turkish lira, many of the partly highly indebted companies are finding it increasingly difficult to service foreign currency loans.

Foreign trade

Turkey has one of the largest current account deficits in the world with 8% of GDP (2013) . A positive balance of services contrasts with a negative trade balance. In terms of foreign trade, Turkey is seeking closer ties to the EU and, at the same time, greater influence on the Turkic states (including Kazakhstan , Uzbekistan , Kyrgyzstan , Turkmenistan , Azerbaijan ). A customs union with the EU has existed since 1996 . Therefore, European business law applies to Turkey. With 58% of the total export volume, the EU countries are the most important export countries. In 2007, Germany was Turkey's largest trading partner with 13% of imports and 14% of exports.

46% of all imports came from the EU in 2003, which was 11 billion US dollars in the first half of 2003. The branches of the European corporations also play an important role in opening up sales markets in the former CIS countries.

With over 13% ($ 11.9 billion) of imports and approx. 17% ($ 9.4 billion) of exports, Germany is Turkey's largest trading partner. Other important trading partners are the USA (exports $ 3.7 and imports $ 3.4 billion), Great Britain (exports $ 7.5 and imports $ 3.5 billion), Italy (exports $ 5.9 and imports $ 5.4 billion). $), Russia (exports $ 4.7 and imports $ 5.4 billion) and France (exports $ 5.9 and imports $ 4.2 billion).

Turkey now ranks sixth as a sales market for the European Union . At the same time, Turkey has grown to become the seventh largest export country. The negative trade deficit with the EU was reduced by € 0.4 billion in 2005 compared with 2004 to € 4.7 billion.

Foreign investment

Royal Bank of Scotland : Headquarters in Istanbul .

The new Investment Promotion Act from 2004 puts domestic and foreign investors on an equal footing and is already showing initial success. In the years 2005 $ 8 billion, 2006 $ 16 billion, 2007 $ 21 billion, foreign direct investment was made in Turkey . In contrast, the total of foreign investments up to 2002 was comparatively low $ 5.5 billion, of which 4 billion came from Germany alone.

As of September 2007, 18,223 foreign corporations (including companies with foreign participation) were active in Turkey, including 3,126 companies from Germany . In the last 18 months alone, more than 1,000 new German companies came into the country.

The companies MAN and Daimler have buses built in Turkey. BSH (Bosch-Siemens Hausgeräte) manufactures refrigerators and kitchen appliances on the outskirts of Istanbul. The hard coal power plant built in İskenderun is the largest German investment project in which the companies Steag and RWE have invested around 1.5 billion US dollars.

privatization

The Ereğli iron and steel works are the largest producer of flat steel in Turkey .

In 2004, the privatization of state-owned companies generated only $ 1.2 billion. In 2005 the privatization of state-owned companies made progress. Throughout 2005, privatization proceeds totaled $ 16 billion. If you add the fees for the 15-year private rights of use for the " Istanbul Ataturk Airport" airport , the state achieved revenues of $ 20 billion.

The state achieved the highest income from the sale of 55% of its shares in Türk Telekom . A consortium of companies (Oger Telecom Ortak Girişim Grubu) offered $ 6.55 billion for the majority. The consortium is an amalgamation of a Lebanese family business (Saudi Oger) and Telecom Italia . On September 13, 2005, the Koç Group and Shell acquired the petrochemical company Tüpraş . The consortium paid $ 4.14 billion for 51% of the shares.

In October, OYAK received 46.12% of the shares in Erdemir for $ 2.77 billion . Erdemir is one of the 50 largest steel manufacturers in the world. Oyak is the holding company of the "Army Assistance Fund " (Ordu Yardimlasma Kurumu) . The port of Mersin went to the PSA-Akfen Group from Singapore for $ 755 million .

Next up are state energy, cement and state lottery companies to be privatized.

Tax policy

In early 2006, corporate income tax was reduced from 30% to 20%. At the same time, the top rate of income tax was reduced from 40% to 35%, the entry tax rate was 15%. A capital gains tax of 15% was also introduced from January 1, 2006 . Above all, the lowering of the corporate tax served to strengthen the competitiveness of the Turkish economy vis-à-vis the Eastern European countries.

According to a report by the Ministry of Finance, the tax evasion rate was 26.22% in 2005. In absolute terms, the state loses around $ 9 to 11 billion in tax revenue annually.

Economic data

The official information on GNI should be treated with caution, especially in the case of Turkey. Since a considerable part of the economic output takes place in the shadow economy ( illegal work , black market etc.), this cannot be recorded by the authorities. Therefore, the “true” economic performance of Turkey is likely to be higher than the official figures. Official Turkish estimates assume a share of the shadow economy in gross national income of 26% in 2005, while the permanent EU representative in Ankara puts this at 50%.

The Turkish economy grew in the first six months of 2004 at a surprisingly high rate of 13.5% and thus clearly overtook the frontrunner China.

Compared with the GDP of the EU expressed in purchasing power standards Turkey reached an index of 30.8 (EU-25: 100) ( 2005 ).

In 2005 the Turkish economy grew more moderately compared to the previous year. In the 1st quarter the GNI increased by 5.3%, but increased until the end of the year. After the government failed to drive growth in the previous quarters (due to budget consolidation), the public sector returned. Public investments rose by over 36% compared to the same quarter of the previous year.

data sheet

Various macroeconomic indicators of the Turkish economy from 1980 to 2017. All GDP values ​​are given in US dollars (purchasing power parity). Inflation above ten percent is marked with a red arrow.

year GDP
(in billions of USD KKB) 		GDP per capita
(in US dollars KKB) 		GDP growth
(real) 		Inflation rate
(in percent) 		Unemployment rate
(in percent) 		Public debt
(in% of GDP)
1980 155.4 3,491   −0.8%   110.6% 7.2% k. A.
1981   177.3   3,896   4.4%   36.4%   7.2% k. A.
1982   194.8   4,168   3.4%   31.1%   7.6% k. A.
1983   212.1   4,278   0.3%   31.3%   7.5% k. A.
1984   234.6   4,624   6.8%   48.4%   7.4% k. A.
1985   252.4   4,863   4.3%   44.5%   7.0% k. A.
1986   275.4   5,190   6.9%   34.6%   7.7% k. A.
1987   310.7   5,731   10.0%   38.9%   8.1% k. A.
1988   328.4   6,158   2.1%   73.7%   8.7% k. A.
1989   342.1   6.323   0.3%   63.3%   8.6% k. A.
1990   387.5   7.002   9.3%   60.3%   8.0% k. A.
1991   404.1   7.158   0.9%   66.0%   7.7% k. A.
1992   438.1   7,633   6.0%   70.1%   7.9% k. A.
1993   484.6   8,308   8.0%   66.1%   8.4% k. A.
1994   467.9   7,896   −5.5%   104.5%   8.0% k. A.
1995   512.0   8,507   7.2%   89.6%   7.1% k. A.
1996   557.9   9.130   7.0%   80.2%   6.1% k. A.
1997   610.1   9,837   7.5%   85.7%   6.3% k. A.
1998   635.8   10,106   3.1%   84.7%   6.4% k. A.
1999   623.7   9,773   −3.4%   64.9%   7.2% k. A.
2000   680.2   10,509   6.6%   55.0%   6.0% 51.6%
2001   654.3   9,973   −6.0%   54.2%   7.8%   76.1%
2002   707.0   10,648   6.4%   45.1%   9.8%   72.1%
2003   761.6   11,335   5.6%   25.3%   9.9%   65.7%
2004   858.0   12,615   9.6%   8.6%   9.7%   57.7%
2005   965.4   14,018   9.0%   8.2%   9.5%   50.7%
2006   1,065.8   15,284   7.1%   9.6%   9.0%   44.7%
2007   1,149.2   16,280   5.0%   8.8%   9.2%   38.2%
2008   1,181.6   16,522   0.8%   10.4%   10.0%   38.2%
2009   1,134.6   15,635   −4.7%   6.2%   13.1%   43.9%
2010   1,245.9   16,900   8.5%   8.6%   11.1%   40.1%
2011   1,412.9   18,909   11.1%   6.5%   9.1%   36.5%
2012   1,507.9   19,938   4.8%   8.9%   8.4%   32.7%
2013   1,662.4   21,683   8.5%   7.5%   9.0%   31.4%
2014   1,779.6   22,905   5.2%   8.9%   9.9%   28.8%
2015   1,908.4   24,236   6.1%   7.7%   10.3%   27.6%
2016   1,994.3   24,986   3.2%   7.8%   10.9%   28.3%
2017   2,173.2   26,893   7.0%   11.1%   11.0%   28.5%

Development of foreign trade

Annual export and import of goods and services in US dollars since 2005, according to World Bank data.

year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Exports in billion US dollars 106.331 119.865 145.383 178.015 145.547 157.445 183.650 205.515 209.986 220.871 199.010 187.966 210.162
Imports in billion US dollars 123.395 146.862 178.125 212.024 151,581 197.021 252,522 248,341 266.285 257.789 222.910 213,595 249.167
Trade balance in billion US dollars −17.064 −26.997 −32.742 −34.009 −6.034 −39.576 −68.872 −42.826 −56.299 -36.918 −23,900 −25.629 −39.005

See also

literature

Web links

Individual evidence

  1. ↑ Gross domestic product 2016 (PPP) (PDF; 14 kB) In: The World Bank: World Development Indicators database . World Bank. February 3, 2017. Retrieved February 5, 2018.
  2. ↑ Euro-Turkish Lira | EUR / TRY | Exchange rate | Current course in: finanzen.net , accessed on April 29, 2020.
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  11. ↑ [3]
  12. ^ Turkish Statistical Institute - Economic Activity.Retrieved October 16, 2010
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  14. ↑ [4]
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  20. ↑ Trade balance from 2006 to 2016 (in billion US dollars)
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  34. ^ Samuel Totten: Impediments to the Prevention and Intervention of Genocide. Transaction Publishers, 2013. p. 55
  35. ↑ Kamil Taylan: Türkiye - Turkey - The divided republic. ARTE , 2013
  36. ↑ Uğur Ümit Üngör : A Perfect Injustice: Genocide and Theft of Armenian Wealth (review) . Retrieved November 17, 2013
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  38. ↑ Jan Senkyr: "Turkey on the way to regional middle power" . KAS-Auslandsinformationen 5/2010, p. 88.
  39. ↑ STANDARD Verlagsgesellschaft mbH: Erdoğan's fight against the USA causes Lira to crash . In: derStandard.at . ( derstandard.at [accessed on November 23, 2017]).
  40. ↑ Moody's downgrades Turkey rating - stable outlook . March 8, 2018 ( cash.ch [accessed March 26, 2018]).
  41. ↑ n-tv news television: Moody's lowers outlook for Turkey . In: n-tv.de . ( n-tv.de [accessed on March 26, 2018]).
  42. ^ Frankfurter Allgemeine Zeitung GmbH: Tensions with America: Turkish lira falls to a record low. November 21, 2017. Retrieved November 23, 2017 .
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  46. ↑ Third quarter: Turkey recorded 11 percent economic growth . In: Spiegel Online . December 11, 2017 ( spiegel.de [accessed December 12, 2017]).
  47. ↑ Borzou Daragahi: Erdogan Is Failing Economics 101 . Foreign Policy. May 25, 2018.
  48. ↑ Inflation rise poses challenge to Erdogan as election looms . Financial Times. 5th June 2018.
  49. ^ Matt O'Brien: Turkey's economy looks like it's headed for a big crash . Washington Post. 13th July 2018.
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  54. ↑ a b Rheinische Post November 7, 2016
  55. ↑ Turkey is more popular again with Russians too. In: tagesschau.de. January 31, 2018, accessed March 1, 2018 .
  56. ↑ German Turkish News: Turkey: Highest current account deficit of all G-20 countries
  57. ↑ Federal Statistical Office DESTATIS ( Memento from September 25, 2010 in the Internet Archive ), currently not available (March 1, 2013)
  58. ^ Report for Selected Countries and Subjects. Retrieved November 30, 2018 (American English).
  59. ↑ Exports of goods and services (BoP, current US $) | Data. Retrieved November 30, 2018 (American English).
  60. ↑ Imports of goods and services (BoP, current US $) | Data. Retrieved November 30, 2018 (American English).
  61. ↑ Net trade in goods and services (BoP, current US $) | Data. Retrieved November 30, 2018 (American English).