Turkey - Economic Indicators
Turkish Central Bank Hikes an Interest Rate After the Lira Nose-Dives
May 24, 2018
The Central Bank of the Republic of Turkey tightened monetary policy Wednesday during an emergency meeting prompted by a plunging Turkish lira. The central bank raised its late-liquidity-window rate by 3 percentage points to 16.5% while leaving its overnight rate and one-week repo rates unchanged. The benchmark one-week repo rate has remained at 8% for nearly a year and a half. Turkey sets monetary policy using three interest rates but is considering...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Real Private Consumption | 2017 Q4 | 353,570,209 | 322,147,767 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Private Consumption | 2017 Q4 | 665,665,966 | 590,707,525 | Ths. TRY, NSA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2017 Q4 | 137,975,535 | 131,471,939 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Nominal Gross Domestic Product | 2017 Q4 | 889,230,791 | 828,936,013 | Ths. TRY, NSA | Quarterly |
| Real Investment | 2017 Q4 | 131,613,282 | 132,223,896 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Real Gross Domestic Product | 2017 Q4 | 464,491,409 | 449,876,069 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Government Consumption | 2017 Q4 | 140,646,956 | 106,479,901 | Ths. TRY, NSA | Quarterly |
| Investment | 2017 Q4 | 274,028,513 | 267,353,156 | Ths. TRY, NSA | Quarterly |
| Real Government Consumption | 2017 Q4 | 70,141,640 | 53,697,157 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2017 Q4 | 265,861,363 | 246,208,753 | Ths. TRY, NSA | Quarterly |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | Apr 2018 | 339.81 | 335.07 | Index 2003=100, SA | Monthly |
| Producer Price Index (PPI) | Apr 2018 | 341.88 | 333.21 | Index 2003=100, NSA | Monthly |
| Wholesale Price Index | Dec 2013 | 128.21 | 126.81 | 2010=100, NSA | Monthly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Total Employment | Feb 2018 | 28,166 | 28,029 | Ths., NSA | Monthly |
| Unemployment Rate | Feb 2018 | 9.8 | 9.8 | %, SA | Monthly |
| Labor Force | Feb 2018 | 32,111 | 32,081 | Ths., SA | Monthly |
| Agriculture Employment | 2017 | 6,130,038 | 6,149,876 | # | Annual |
| Unemployment | 2017 | 3,454 | 3,330 | Ths., NSA | Annual |
| Total Employment Non-Ag | 2017 Q4 | 23,118 | 22,943 | Thousand person | Quarterly |
| Labor Force Employment | 2017 Q4 | 28,288 | 28,797 | Thousands, NSA | Quarterly |
| Trade | Reference | Last | Previous | Units | Frequency |
| Imports of Goods | Mar 2018 | 20,742 | 18,458 | Mil. USD, NSA | Monthly |
| Balance of Goods | Mar 2018 | -4,608 | -4,754 | Mil. USD, NSA | Monthly |
| Current Account Balance | Mar 2018 | -4,812 | -4,522 | Mil. USD, NSA | Monthly |
| Exports of Goods | Mar 2018 | 16,134 | 13,704 | Mil. USD, NSA | Monthly |
| Exports of Goods and Services | 2017 Q4 | 211,004,287 | 199,680,271 | Ths. TRY, NSA | Quarterly |
| Real Exports of Goods and Services | 2017 Q4 | 97,122,591 | 97,522,545 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Imports of Goods and Services | 2017 Q4 | 261,467,976 | 228,804,939 | Ths. TRY, NSA | Quarterly |
| Real Imports of Goods and Services | 2017 Q4 | 117,814,673 | 102,018,140 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Net Exports | 2017 Q4 | -50,463,688 | -29,124,668 | Ths. TRY, NSA | Quarterly |
| Real Net Exports | 2017 Q4 | -20,692,082 | -4,495,594 | Ths. Ch. 2009 TRY, NSA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Government Budget Balance | Apr 2018 | 4,510,687 | -22,217,565 | Ths TRY, NSA | Monthly |
| Government Expenditures | Apr 2018 | 58,934,814 | 67,990,720 | Ths TRY, NSA | Monthly |
| Outstanding Public Debt - Domestic | Apr 2018 | -5,132,558 | -23,003,633 | Ths TRY, NSA | Monthly |
| Government Revenues | Apr 2018 | 63,445,501 | 45,773,155 | Ths TRY, NSA | Monthly |
| Outstanding Public Debt - Foreign | 2017 Q1 | 412,375 | 404,890 | Mil. USD, NSA | Quarterly |
| Outstanding Public Debt | 2017 Q1 | 412,375 | 404,890 | Mil. USD, NSA | Quarterly |
| Markets | Reference | Last | Previous | Units | Frequency |
| Money Market Rate | 25 May 2018 | 7.25 | 7.25 | % | Daily |
| Lending Rate | 25 May 2018 | 9.25 | 9.25 | % | Daily |
| Stock Market Index | 24 May 2018 | 101,138 | 101,891 | Index, NSA | Business Daily |
| Treasury Bills (over 31 days) | Apr 2008 | 17.72 | % p.a., NSA | Monthly | |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Residential Building Permits | Dec 2017 | 9,550 | 7,673 | #, NSA | Monthly |
| Building Permits | Dec 2017 | 10,452 | 7,389 | Number of Buildings, NSA | Monthly |
| Dwelling Stocks | Dec 2017 | 675,069 | 619,826 | #, SAAR | Monthly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | Apr 2018 | 98.84 | 98.75 | Index Long term avg=100, SA | Monthly |
| Business | Reference | Last | Previous | Units | Frequency |
| Business Confidence | Apr 2018 | 99.82 | 100.37 | Index long term avg=100, SA | Monthly |
| Industrial Production | Mar 2018 | 117.92 | 117.67 | Index 2015=100, CDASA | Monthly |
| Change in Inventories | 2017 Q1 | -7,596,894,123 | -20,995,989,442 | TRL, NSA | Quarterly |
| Real Change in Inventories | 2016 | -39,760,229,000 | -44,660,891,000 | NCU | Annual |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Population | 2017 | 80,810,525 | 79,814,871 | #, NSA | Annual |
| Births | Dec 2016 | 98,816 | 104,175 | #,NSA | Monthly |
| Deaths | Dec 2016 | 37,955 | 34,664 | #, NSA | Monthly |
| Birth Rate | 2015 | 16.53 | 16.83 | # per Ths. pop. | Annual |
| Death Rate | 2015 | 5.81 | 5.81 | # per Ths. pop. | Annual |
| Net Migration | 2012 | 1,627,172 | # | Annual |
Factbook
Background
Background:
Modern Turkey was founded in 1923 from the remnants of the defeated Ottoman Empire by national hero Mustafa KEMAL, who was later honored with the title Ataturk or "Father of the Turks." Under his leadership, the country adopted radical social, legal, and political reforms. After a period of one-party rule, an experiment with multi-party politics led to the 1950 election victory of the opposition Democrat Party and the peaceful transfer of power. Since then, Turkish political parties have multiplied, but democracy has been fractured by periods of instability and military coups (1960, 1971, 1980), which in each case eventually resulted in a return of formal political power to civilians. In 1997, the military again helped engineer the ouster - popularly dubbed a "post-modern coup" - of the then Islamic-oriented government. A coup attempt was made in July 2016 by a faction of the Turkish Armed Forces.
Turkey intervened militarily on Cyprus in 1974 to prevent a Greek takeover of the island and has since acted as patron state to the "Turkish Republic of Northern Cyprus," which only Turkey recognizes. A separatist insurgency begun in 1984 by the Kurdistan Workers' Party (PKK), a US-designated terrorist organization, has long dominated the attention of Turkish security forces and claimed more than 40,000 lives. In 2013, the Turkish Government and the PKK conducted negotiations aimed at ending the violence, however intense fighting resumed in 2015. Turkey joined the UN in 1945 and in 1952 it became a member of NATO. In 1963, Turkey became an associate member of the European Community; it began accession talks with the EU in 2005. Over the past decade, economic reforms, coupled with some political reforms, have contributed to a growing economy, although economic growth slowed in recent years.
From 2015 and continuing through 2016, Turkey witnessed an uptick in terrorist violence, including major attacks in Ankara, Istanbul, and throughout the predominantly Kurdish southeastern region of Turkey. On 15 July 2016, elements of the Turkish Armed forces attempted a coup that ultimately failed following widespread popular resistance. More than 240 people were killed and over 2,000 injured when Turkish citizens took to the streets en masse to confront the coup forces. In response, Turkish Government authorities arrested, suspended, or dismissed more than 100,000 security personnel, journalists, judges, academics, and civil servants due to their alleged connection with the attempted coup. The government accused followers of an Islamic transnational religious and social movement for allegedly instigating the failed coup and designates the followers as terrorists. Following the failed coup, the Turkish Government instituted a State of Emergency in July 2016 that has been extended to July 2017. The Turkish Government conducted a referendum on 16 April 2017 that will, when implemented, change Turkey from a parliamentary to a presidential system.
Geography
Location:
Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syria
Geographic coordinates:
39 00 N, 35 00 E
Map references:
Middle East
Area:
total: 783,562 sq km
land: 769,632 sq km
water: 13,930 sq km
country comparison to the world: 38
Area - comparative:
slightly larger than Texas
Area comparison map:
Land boundaries:
total: 2,816 km
border countries (8): Armenia 311 km, Azerbaijan 17 km, Bulgaria 223 km, Georgia 273 km, Greece 192 km, Iran 534 km, Iraq 367 km, Syria 899 km
Coastline:
7,200 km
Maritime claims:
territorial sea: 6 nm in the Aegean Sea; 12 nm in Black Sea and in Mediterranean Sea
exclusive economic zone: in Black Sea only: to the maritime boundary agreed upon with the former USSR
Climate:
temperate; hot, dry summers with mild, wet winters; harsher in interior
Terrain:
high central plateau (Anatolia); narrow coastal plain; several mountain ranges
Elevation:
mean elevation: 1,132 m
elevation extremes: lowest point: Mediterranean Sea 0 m
highest point: Mount Ararat 5,137 m
Natural resources:
coal, iron ore, copper, chromium, antimony, mercury, gold, barite, borate, celestite (strontium), emery, feldspar, limestone, magnesite, marble, perlite, pumice, pyrites (sulfur), clay, arable land, hydropower
Land use:
agricultural land: 49.7%
arable land 26.7%; permanent crops 4%; permanent pasture 19%
forest: 14.9%
other: 35.4% (2011 est.)
Irrigated land:
52,150 sq km (2012)
Population - distribution:
the most densely populated area is found around the Bosporus in the northwest where 20% of the population lives in Istanbul; with the exception of Ankara, urban centers remain small and scattered throughout the interior of Anatolia; an overall pattern of peripheral development exists, particularly along the Aegean Sea coast in the west, and the Tigris and Euphrates River systems in the southeast
Natural hazards:
severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van; landslides; flooding
volcanism: limited volcanic activity; its three historically active volcanoes; Ararat, Nemrut Dagi, and Tendurek Dagi have not erupted since the 19th century or earlier
Environment - current issues:
water pollution from dumping of chemicals and detergents; air pollution, particularly in urban areas; deforestation; concern for oil spills from increasing Bosporus ship traffic
Environment - international agreements:
party to: Air Pollution, Antarctic Treaty, Biodiversity, Climate Change, Desertification, Endangered Species, Hazardous Wastes, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: Environmental Modification
Geography - note:
strategic location controlling the Turkish Straits (Bosporus, Sea of Marmara, Dardanelles) that link the Black and Aegean Seas; the 3% of Turkish territory north of the Straits lies in Europe and goes by the names of European Turkey, Eastern Thrace, or Turkish Thrace; the 97% of the country in Asia is referred to as Anatolia; Mount Ararat, the legendary landing place of Noah's ark, is in the far eastern portion of the country
People & Society
Population:
80,845,215 (July 2017 est.)
country comparison to the world: 18
Nationality:
noun: Turk(s)
adjective: Turkish
Ethnic groups:
Turkish 70-75%, Kurdish 19%, other minorities 7-12% (2016 est.)
Languages:
Turkish (official), Kurdish, other minority languages
Religions:
Muslim 99.8% (mostly Sunni), other 0.2% (mostly Christians and Jews)
Age structure:
0-14 years: 24.68% (male 10,209,284/female 9,745,057)
15-24 years: 15.99% (male 6,601,471/female 6,324,277)
25-54 years: 43.21% (male 17,691,703/female 17,243,428)
55-64 years: 8.58% (male 3,448,232/female 3,492,199)
65 years and over: 7.53% (male 2,712,323/female 3,377,241) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 50.1
youth dependency ratio: 38.4
elderly dependency ratio: 11.7
potential support ratio: 8.5 (2015 est.)
Median age:
total: 30.9 years
male: 30.5 years
female: 31.4 years (2017 est.)
country comparison to the world: 110
Population growth rate:
0.52% (2017 est.)
country comparison to the world: 158
Birth rate:
15.7 births/1,000 population (2017 est.)
country comparison to the world: 119
Death rate:
6 deaths/1,000 population (2017 est.)
country comparison to the world: 165
Net migration rate:
-4.5 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 187
Population distribution:
the most densely populated area is found around the Bosporus in the northwest where 20% of the population lives in Istanbul; with the exception of Ankara, urban centers remain small and scattered throughout the interior of Anatolia; an overall pattern of peripheral development exists, particularly along the Aegean Sea coast in the west, and the Tigris and Euphrates River systems in the southeast
Urbanization:
urban population: 74.4% of total population (2017)
rate of urbanization: 1.54% annual rate of change (2015-20 est.)
Major urban areas - population:
Istanbul 14.164 million; ANKARA (capital) 4.75 million; Izmir 3.04 million; Bursa 1.923 million; Adana 1.83 million; Gaziantep 1.528 million (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 1.03 male(s)/female
55-64 years: 0.99 male(s)/female
65 years and over: 0.8 male(s)/female
total population: 1.01 male(s)/female (2016 est.)
Mother's mean age at first birth:
22.3 years (2010 est.)
Maternal mortality rate:
16 deaths/100,000 live births (2015 est.)
country comparison to the world: 134
Infant mortality rate:
total: 17.6 deaths/1,000 live births
male: 18.8 deaths/1,000 live births
female: 16.3 deaths/1,000 live births (2017 est.)
country comparison to the world: 91
Life expectancy at birth:
total population: 75 years
male: 72.7 years
female: 77.5 years (2017 est.)
country comparison to the world: 113
Total fertility rate:
2.01 children born/woman (2017 est.)
country comparison to the world: 118
Contraceptive prevalence rate:
73.5% (2013)
Health expenditures:
5.4% of GDP (2014)
country comparison to the world: 131
Physicians density:
1.75 physicians/1,000 population (2014)
Hospital bed density:
2.5 beds/1,000 population (2011)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 98.3% of population
rural: 85.5% of population
total: 94.9% of population
unimproved:
urban: 1.7% of population
rural: 14.5% of population
total: 5.1% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
32.1% (2016)
country comparison to the world: 17
Children under the age of 5 years underweight:
1.9% (2013)
country comparison to the world: 123
Education expenditures:
4.8% of GDP (2013)
country comparison to the world: 142
Literacy:
definition: age 15 and over can read and write
total population: 95.6%
male: 98.6%
female: 92.6% (2015 est.)
School life expectancy (primary to tertiary education):
total: 16 years
male: 17 years
female: 16 years (2013)
Unemployment, youth ages 15-24:
total: 18.5%
male: 16.5%
female: 22.2% (2015 est.)
country comparison to the world: 66
Government
Country name:
conventional long form: Republic of Turkey
conventional short form: Turkey
local long form: Turkiye Cumhuriyeti
local short form: Turkiye
etymology: the name means "Land of the Turks"
Government type:
parliamentary republic
Capital:
name: Ankara
geographic coordinates: 39 56 N, 32 52 E
time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
81 provinces (iller, singular - ili); Adana, Adiyaman, Afyonkarahisar, Agri, Aksaray, Amasya, Ankara, Antalya, Ardahan, Artvin, Aydin, Balikesir, Bartin, Batman, Bayburt, Bilecik, Bingol, Bitlis, Bolu, Burdur, Bursa, Canakkale, Cankiri, Corum, Denizli, Diyarbakir, Duzce, Edirne, Elazig, Erzincan, Erzurum, Eskisehir, Gaziantep, Giresun, Gumushane, Hakkari, Hatay, Igdir, Isparta, Istanbul, Izmir (Smyrna), Kahramanmaras, Karabuk, Karaman, Kars, Kastamonu, Kayseri, Kilis, Kirikkale, Kirklareli, Kirsehir, Kocaeli, Konya, Kutahya, Malatya, Manisa, Mardin, Mersin, Mugla, Mus, Nevsehir, Nigde, Ordu, Osmaniye, Rize, Sakarya, Samsun, Sanliurfa, Siirt, Sinop, Sirnak, Sivas, Tekirdag, Tokat, Trabzon (Trebizond), Tunceli, Usak, Van, Yalova, Yozgat, Zonguldak
Independence:
29 October 1923 (republic proclaimed succeeding the Ottoman Empire)
National holiday:
Republic Day, 29 October (1923)
Constitution:
history: several previous; latest ratified 9 November 1982
amendments: proposed by written consent of at least one-third of Grand National Assembly (GNA) members; adoption of draft amendments requires two debates in plenary GNA session and three-fifths majority vote of all GNA members; the president of the republic can request GNA reconsideration of the amendment and, if readopted by two-thirds majority GNA vote, the president may submit the amendment to a referendum; passage by referendum requires absolute majority vote; amended several times, last in 2017 (2017)
Legal system:
civil law system based on various European legal systems, notably the Swiss civil code
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Turkey
dual citizenship recognized: yes, but requires prior permission from the government
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Recep Tayyip ERDOGAN (since 10 August 2014)
head of government: Prime Minister Binali YILDIRIM (since 22 May 2016); Deputy Prime Ministers Nurettin CANIKLI (since 24 May 2016), Veysi KAYNAK (since 24 May 2016), Mehmet SIMSEK (since 24 November 2015), Tugrul TURKES (since 29 August 2014), Numan KURTULMUS (since 29 August 2014)
cabinet: Council of Ministers nominated by the prime minister, appointed by the president (until the next parliamentary or presidential election following the April 2017 referendum)
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); prime minister appointed by the president from among members of parliament; note - a 2007 constitutional amendment changed the presidential electoral process to direct popular vote; prime minister appointed by the president from among members of the Grand National Assembly of Turkey
election results: Recep Tayyip ERDOGAN elected president; Recep Tayyip ERDOGAN (AKP) 51.8%, Ekmeleddin IHSANOGLU (independent) 38.4%, Selahattin DEMIRTAS (HDP) 9.8%
Legislative branch:
description: unicameral Grand National Assembly of Turkey or Turkiye Buyuk Millet Meclisi (550 seats (will increase to 600 with next election following the April 2017 referendum); members directly elected in multi-seat constituencies by proportional representation vote to serve 4-year terms)
elections: last held on 1 November 2015 (next to be held on 3 November 2019)
election results: percent of vote by party - AKP 49.5%, CHP 25.3%, MHP 11.9%, HDP 10.8%, other 2.5%; seats by party - AKP 317, CHP 134, HDP 59, MHP 40, ; note - only parties surpassing the 10% threshold can win parliamentary seats
Judicial branch:
highest court: Constitutional Court or Anayasa Mahkemesi (consists of 17 members); Court of Cassation (consists of about 390 judges and is organized into civil and penal chambers); Council of State (organized into 15 divisions - 14 judicial and 1 consultative - each with a division head and at least 5 members)
judge selection and term of office: Constitutional Court members - 3 appointed by the Grand National Assembly and 14 by the president of the republic from among candidates nominated by the plenary assemblies of the high courts (with the exception of the Court of High Accounts), the Higher Education Council, and from among senior government administrators, lawyers, judges and prosecutors, and Constitutional Court rapporteurs; court president and 2 deputy presidents appointed from among its members for 4-year terms; judges appointed for 12-year, nonrenewable terms with mandatory retirement at age 65; Court of Cassation judges appointed by the Supreme Council of Judges and Public Prosecutors (SCJP), a 22-member body of judicial officials; Court of Cassation judges appointed until retirement at age 65; Council of State members appointed by the SCJP and by the president of the republic; members appointed for renewable, 4-year terms
subordinate courts: regional appeals courts; basic (first instance) courts, peace courts; military courts; state security courts; specialized courts, including administrative and audit
Political parties and leaders:
Democrat Party or DP [Gultekin UYSAL]
Democratic Left Party or DSP [Onder AKSAKAL]
Felicity Party or SP [Temel KARAMOLLAOGLU]
Grand Unity Party or BBP [Mustafa DESTICI]
Justice and Development Party or AKP [Recep Tayyip ERDOGAN]
Nationalist Movement Party or MHP [Devlet BAHCELI]
Patriotic Party or VP [Dogu PERINCEK]
People's Democratic Party or HDP [Selahattin DEMIRTAS and Serpil KEMALBAY]; note - DEMIRTAS was detained by Turkish authorities in November 2016 over his alleged links to the PKK
Republican People's Party or CHP [Kemal KILICDAROGLU]
True Path Party or DYP [Cetin OZACIRGOZ]
Political pressure groups and leaders:
Confederation of Public Sector Unions or KESK [Lami OZGEN, Saziye KOSE]
Confederation of Revolutionary Workers Unions or DISK [Kani BEKO]
Independent Industrialists' and Businessmen's Association or MUSIAD [Nail OLPAK]
Moral Rights Workers Union or Hak-Is [Mahmut ARSLAN]
Turkish Confederation of Employer Associations or TISK [Kudret ONEN]
Turkish Confederation of Labor Unions or Turk-Is [Ergun ATALAY]
Turkish Confederation of Tradesmen and Craftsmen or TESK [Bendevi PALANDOKEN]
Turkish Industrialists' and Businessmen's Association or TUSIAD [Erol BILECIK]
Turkish Union of Chambers of Commerce and Commodity Exchanges or TOBB [M. Rifat HISARCIKLIOGLU]
International organization participation:
ADB (nonregional member), Australia Group, BIS, BSEC, CBSS (observer), CD, CE, CERN (observer), CICA, CPLP (associate observer), D-8, EAPC, EBRD, ECO, EU (candidate country), FAO, FATF, G-20, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IDB, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OIC, OPCW, OSCE, Pacific Alliance (observer), Paris Club (associate), PCA, PIF (partner), SCO (dialogue member), SELEC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNRWA, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Serdar KILIC (since 21 May 2014)
chancery: 2525 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 612-6700
FAX: [1] (202) 612-6744
consulate(s) general: Boston, Chicago, Houston, Los Angeles, Miami, New York
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affairs Philip KOSNETT (since October 2017)
embassy: 110 Ataturk Boulevard, Kavaklidere, 06100 Ankara
mailing address: PSC 93, Box 5000, APO AE 09823
telephone: [90] (312) 455-5555
FAX: [90] (312) 467-0019
consulate(s) general: Istanbul
consulate(s): Adana
Flag description:
red with a vertical white crescent moon (the closed portion is toward the hoist side) and white five-pointed star centered just outside the crescent opening; the flag colors and designs closely resemble those on the banner of the Ottoman Empire, which preceded modern-day Turkey; the crescent moon and star serve as insignia for Turkic peoples; according to one interpretation, the flag represents the reflection of the moon and a star in a pool of blood of Turkish warriors
National symbol(s):
star and crescent; national colors: red, white
National anthem:
name: "Istiklal Marsi" (Independence March)
lyrics/music: Mehmet Akif ERSOY/Zeki UNGOR
note: lyrics adopted 1921, music adopted 1932; the anthem's original music was adopted in 1924; a new composition was agreed upon in 1932
Economy
Economy - overview:
Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.
Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.
Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.
After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis, and GDP growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.
Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s low domestic savings and large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. The economy contracted in the third quarter of 2016 for the first time since 2009, in part due to a sharp decline in the tourism sector, and growth is likely to remain below potential in 2017. Other troublesome trends include rising unemployment and elevated inflation, which is likely to increase in 2017 given the Turkish lira’s recent depreciation against the dollar. Although government debt remains low at about 32% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.
GDP (purchasing power parity):
$1.994 trillion (2016 est.)
$1.908 trillion (2015 est.)
$1.78 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 14
GDP (official exchange rate):
$863.4 billion (2016 est.)
GDP - real growth rate:
3.2% (2016 est.)
6.1% (2015 est.)
5.2% (2014 est.)
country comparison to the world: 101
GDP - per capita (PPP):
$25,000 (2016 est.)
$24,500 (2015 est.)
$23,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 78
Gross national saving:
24.5% of GDP (2016 est.)
24.8% of GDP (2015 est.)
24.4% of GDP (2014 est.)
country comparison to the world: 31
GDP - composition, by end use:
household consumption: 59.5%
government consumption: 14.8%
investment in fixed capital: 29.8%
investment in inventories: -1.1%
exports of goods and services: 22.1%
imports of goods and services: -25% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 6.9%
industry: 32.3%
services: 60.8% (2016 est.)
Agriculture - products:
tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock
Industries:
textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Industrial production growth rate:
5.2% (2016 est.)
country comparison to the world: 46
Labor force:
30.55 million
note: this number is for the domestic labor force only; number does not include about 1.2 million Turks working abroad, nor refugees (2016 est.)
country comparison to the world: 19
Labor force - by occupation:
agriculture: 18.4%
industry: 26.6%
services: 54.9% (2016)
Unemployment rate:
10.9% (2016 est.)
10.3% (2015 est.)
country comparison to the world: 137
Population below poverty line:
21.9% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 2.1%
highest 10%: 30.3% (2008)
Distribution of family income - Gini index:
40.2 (2010)
43.6 (2003)
country comparison to the world: 60
Budget:
revenues: $183.6 billion
expenditures: $193.3 billion (2016 est.)
Taxes and other revenues:
21.4% of GDP (2016 est.)
country comparison to the world: 136
Budget surplus (+) or deficit (-):
-1.1% of GDP (2016 est.)
country comparison to the world: 69
Public debt:
29.4% of GDP (2016 est.)
29.1% of GDP (2015 est.)
country comparison to the world: 164
Fiscal year:
calendar year
Inflation rate (consumer prices):
7.8% (2016 est.)
7.7% (2015 est.)
country comparison to the world: 194
Central bank discount rate:
5.25% (31 December 2011)
15% (22 December 2009)
country comparison to the world: 78
Commercial bank prime lending rate:
14.74% (31 December 2016 est.)
13.67% (31 December 2015 est.)
country comparison to the world: 45
Stock of narrow money:
$108.7 billion (31 December 2016 est.)
$107.1 billion (31 December 2015 est.)
country comparison to the world: 34
Stock of broad money:
$399.4 billion (31 December 2016 est.)
$408.7 billion (31 December 2015 est.)
country comparison to the world: 24
Stock of domestic credit:
$549.9 billion (31 December 2016 est.)
$581.8 billion (31 December 2015 est.)
country comparison to the world: 24
Market value of publicly traded shares:
$188.9 billion (31 December 2015 est.)
$219.8 billion (31 December 2014 est.)
$195.7 billion (31 December 2013 est.)
country comparison to the world: 36
Current account balance:
$-32.61 billion (2016 est.)
$-32.12 billion (2015 est.)
country comparison to the world: 196
Exports:
$150.2 billion (2016 est.)
$152 billion (2015 est.)
country comparison to the world: 31
Exports - commodities:
apparel, foodstuffs, textiles, metal manufactures, transport equipment
Exports - partners:
Germany 9.8%, UK 8.2%, Iraq 5.4%, Italy 5.3%, US 4.7%, France 4.2% (2016)
Imports:
$191 billion (2016 est.)
$200.1 billion (2015 est.)
country comparison to the world: 24
Imports - commodities:
machinery, chemicals, semi-finished goods, fuels, transport equipment
Imports - partners:
China 12.8%, Germany 10.8%, Russia 7.6%, US 5.5%, Italy 5.2% (2016)
Reserves of foreign exchange and gold:
$106.1 billion (31 December 2016 est.)
$110.5 billion (31 December 2015 est.)
country comparison to the world: 24
Debt - external:
$404.9 billion (31 December 2016 est.)
$397.7 billion (31 December 2015 est.)
country comparison to the world: 30
Stock of direct foreign investment - at home:
$133.2 billion (31 December 2016 est.)
$150.1 billion (31 December 2015 est.)
country comparison to the world: 40
Stock of direct foreign investment - abroad:
$38.31 billion (31 December 2016 est.)
$35.15 billion (31 December 2015 est.)
country comparison to the world: 47
Exchange rates:
Turkish liras (TRY) per US dollar -
3.0201 (2016 est.)
3.0201 (2015 est.)
2.72 (2014 est.)
2.1885 (2013 est.)
1.8 (2012 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
245.8 billion kWh (2015 est.)
country comparison to the world: 19
Electricity - consumption:
213.2 billion kWh (2015 est.)
country comparison to the world: 20
Electricity - exports:
1.442 billion kWh (2016 est.)
country comparison to the world: 49
Electricity - imports:
6.4 billion kWh (2016 est.)
country comparison to the world: 33
Electricity - installed generating capacity:
73.15 million kW (2015 est.)
country comparison to the world: 15
Electricity - from fossil fuels:
56.8% of total installed capacity (2015 est.)
country comparison to the world: 138
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 195
Electricity - from hydroelectric plants:
35.4% of total installed capacity (2015 est.)
country comparison to the world: 59
Electricity - from other renewable sources:
11.2% of total installed capacity (2015 est.)
country comparison to the world: 66
Crude oil - production:
49,500 bbl/day (2016 est.)
country comparison to the world: 55
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 200
Crude oil - imports:
506,300 bbl/day (2016 est.)
country comparison to the world: 19
Crude oil - proved reserves:
388.5 million bbl (1 January 2017 es)
country comparison to the world: 54
Refined petroleum products - production:
618,300 bbl/day (2016 est.)
country comparison to the world: 29
Refined petroleum products - consumption:
943,700 bbl/day (2016 est.)
country comparison to the world: 24
Refined petroleum products - exports:
134,900 bbl/day (2016 est.)
country comparison to the world: 39
Refined petroleum products - imports:
527,700 bbl/day (2016 est.)
country comparison to the world: 16
Natural gas - production:
381 million cu m (2015 est.)
country comparison to the world: 73
Natural gas - consumption:
81.35 billion cu m (2015 est.)
country comparison to the world: 15
Natural gas - exports:
624 million cu m (2015 est.)
country comparison to the world: 41
Natural gas - imports:
48.43 billion cu m (2015 est.)
country comparison to the world: 7
Natural gas - proved reserves:
18.49 billion cu m (1 January 2017 es)
country comparison to the world: 77
Carbon dioxide emissions from consumption of energy:
319 million Mt (2013 est.)
country comparison to the world: 20
Communications
Telephones - fixed lines:
total subscriptions: 11,077,559
subscriptions per 100 inhabitants: 14 (July 2016 est.)
country comparison to the world: 19
Telephones - mobile cellular:
total: 75,061,699
subscriptions per 100 inhabitants: 94 (July 2016 est.)
country comparison to the world: 21
Telephone system:
general assessment: comprehensive telecommunications network undergoing rapid modernization and expansion, especially in mobile-cellular services
domestic: additional digital exchanges are permitting a rapid increase in subscribers; the construction of a network of technologically advanced intercity trunk lines, using both fiber-optic cable and digital microwave radio relay, is facilitating communication between urban centers; remote areas are reached by a domestic satellite system; combined fixed-line and mobile-cellular teledensity is roughly 105 telephones per 100 persons
international: country code - 90; international service is provided by the SEA-ME-WE-3 submarine cable and by submarine fiber-optic cables in the Mediterranean and Black Seas that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia; satellite earth stations - 12 Intelsat; mobile satellite terminals - 328 in the Inmarsat and Eutelsat systems (2016)
Broadcast media:
Turkish Radio and Television Corporation (TRT) operates multiple TV and radio networks and stations; multiple privately owned national television stations and up to 300 private regional and local television stations; multi-channel cable TV subscriptions available; more than 1,000 private radio broadcast stations (2009)
Internet country code:
.tr
Internet users:
total: 46,838,412
percent of population: 58.3% (July 2016 est.)
country comparison to the world: 19
Transportation
National air transport system:
number of registered air carriers: 15
inventory of registered aircraft operated by air carriers: 531
annual passenger traffic on registered air carriers: 96,604,665
annual freight traffic on registered air carriers: 2,882.162 million mt-km (2015)
Civil aircraft registration country code prefix:
TC (2016)
Airports:
98 (2013)
country comparison to the world: 58
Airports - with paved runways:
total: 91
over 3,047 m: 16
2,438 to 3,047 m: 38
1,524 to 2,437 m: 17
914 to 1,523 m: 16
under 914 m: 4 (2013)
Airports - with unpaved runways:
total: 7
1,524 to 2,437 m: 1
914 to 1,523 m: 4
under 914 m: 2 (2013)
Heliports:
20 (2013)
Pipelines:
gas 12,603 km; oil 3,038 km (2016)
Railways:
total: 12,008 km
standard gauge: 12,008 km 1.435-m gauge (3,216 km electrified) (2014)
country comparison to the world: 20
Roadways:
total: 385,754 km
paved: 352,268 km (includes 2,127 km of expressways)
unpaved: 33,486 km (2012)
country comparison to the world: 19
Waterways:
1,200 km (2010)
country comparison to the world: 59
Merchant marine:
total: 629
by type: bulk carrier 102, cargo 281, chemical tanker 80, container 42, liquefied gas 6, passenger 2, passenger/cargo 60, petroleum tanker 25, refrigerated cargo 1, roll on/roll off 29, specialized tanker 1
foreign-owned: 1 (Italy 1)
registered in other countries: 645 (Albania 1, Antigua and Barbuda 7, Azerbaijan 1, Bahamas 3, Barbados 1, Belize 16, Brazil 1, Cambodia 15, Comoros 8, Cook Islands 4, Curacao 5, Cyprus 1, Dominica 1, Georgia 14, Italy 4, Kazakhstan 1, Liberia 16, Malta 233, Marshall Islands 70, Moldova 18, Panama 62, Russia 101, Saint Kitts and Nevis 18, Saint Vincent and the Grenadines 13, Sierra Leone 9, Slovakia 1, Tanzania 13, Togo 4, Tuvalu 1, unknown 3) (2010)
country comparison to the world: 19
Ports and terminals:
major seaport(s): Aliaga, Ambarli, Diliskelesi, Eregli, Izmir, Kocaeli (Izmit), Mersin (Icel), Limani, Yarimca
container port(s) (TEUs): Ambarli (3,062,000), Mersin (Icel) (1,428,000) (2015)
LNG terminal(s) (import): Izmir Aliaga, Marmara Ereglisi
Military & Security
Military expenditures:
1.73% of GDP (2016)
1.85% of GDP (2015)
1.9% of GDP (2014)
1.96% of GDP (2013)
2.05% of GDP (2012)
country comparison to the world: 35
Military branches:
Turkish Armed Forces (TSK): Turkish Land Forces (Turk Kara Kuvvetleri), Turkish Naval Forces (Turk Deniz Kuvvetleri; includes naval air and naval infantry), Turkish Air Forces (Turk Hava Kuvvetleri) (2013)
Military service age and obligation:
21-41 years of age for male compulsory military service (in case of mobilization, up to 65 years of age); 18 years of age for voluntary service; 12-month conscript obligation for non-university graduates, 6-12 months for university graduates (graduates of higher education may perform 6 months of military service as short-term privates, or 12 months as reserve officers); conscripts are called to register at age 20, for service at 21; women serve in the Turkish Armed Forces only as officers; reserve obligation to age 41; Turkish citizens with a residence or work permit who have worked abroad for at least 3 years (1095 days) can be exempt from military service in exchange for 6,000 EUR or its equivalent in foreign currencies; a law passed in December 2014 introduced a one-time payment scheme which exempted Turkish citizens 27 and older from conscription in exchange for a payment of $8,150 (2013)
Military - note:
the ruling Justice and Development Party (AKP) has actively pursued the goal of asserting civilian control over the military since first taking power in 2002; the Turkish Armed Forces (TSK) role in internal security has been significantly reduced; the TSK leadership continues to be an influential institution within Turkey, but plays a much smaller role in politics; the Turkish military remains focused on the threats emanating from the Syrian civil war, Russia's actions in Ukraine, and the PKK insurgency; primary domestic threats are listed as fundamentalism (with the definition in some dispute with the civilian government), separatism (Kurdish discontent), and the extreme left wing; Ankara strongly opposed establishment of an autonomous Kurdish region in Iraq; an overhaul of the Turkish Land Forces Command (TLFC) taking place under the "Force 2014" program is to produce 20-30% smaller, more highly trained forces characterized by greater mobility and firepower and capable of joint and combined operations; the TLFC has taken on increasing international peacekeeping responsibilities including in Afghanistan; the Turkish Navy is a regional naval power that wants to develop the capability to project power beyond Turkey's coastal waters; the Navy is heavily involved in NATO, multinational, and UN operations; its roles include control of territorial waters and security for sea lines of communications; the Turkish Air Force adopted an "Aerospace and Missile Defense Concept" in 2002 and has initiated project work on an integrated missile defense system; Air Force priorities include attaining a modern deployable, survivable, and sustainable force structure, and establishing a sustainable command and control system; Turkey is a NATO ally and hosts NATO's Land Forces Command in Izmir, as well as the AN/TPY-2 radar as part of NATO Missile Defense (2014)
Transnational Issues
Disputes - international:
complex maritime, air, and territorial disputes with Greece in the Aegean Sea; status of north Cyprus question remains; Turkey has expressed concern over the status of Kurds in Iraq; in 2009, Swiss mediators facilitated an accord reestablishing diplomatic ties between Armenia and Turkey, but neither side has ratified the agreement and the rapprochement effort has faltered; Turkish authorities have complained that blasting from quarries in Armenia might be damaging the medieval ruins of Ani, on the other side of the Arpacay valley
Refugees and internally displaced persons:
refugees (country of origin): 3,285,533 (Syria); 145,000 (Afghanistan); 140,000 (Iraq); 32,000 (Iran) (2017)
IDPs: 1.108 million (displaced from 1984-2005 because of fighting between the Kurdish PKK and Turkish military; most IDPs are Kurds from eastern and southeastern provinces; no information available on persons displaced by development projects) (2016)
stateless persons: 780 (2016)
Illicit drugs:
key transit route for Southwest Asian heroin to Western Europe and, to a lesser extent, the US - via air, land, and sea routes; major Turkish and other international trafficking organizations operate out of Istanbul; laboratories to convert imported morphine base into heroin exist in remote regions of Turkey and near Istanbul; government maintains strict controls over areas of legal opium poppy cultivation and over output of poppy straw concentrate; lax enforcement of money-laundering controls
