Country Facts of Turkey

  • Country Name: Republic of Turkey
  • Capital City: Ankara
  • Government: Parliamentary Democracy
  • Total Population: 76.6 million (2013)
  • Labor Force (Population): 28.8 million (2013)
  • Average Age: 30.1 (2013)
  • Official Language:Turkish
  • President: Recep Tayyip Erdogan
  • Prime Minister: Ahmet Davutoglu
  • Area: 783,562.38 km²
  • Time Zone: GMT +2
  • Traffic Flow: Right
  • Telephone Code: +90
  • Domain: .tr
  • Currency: Turkish Lira (TRY)
  • Financial Center: Istanbul
  • GDP: USD 820 billion (2013-Current Prices)
  • GDP Per Capital: USD 10,782 (2013)
  • Exports Value: USD 152 billion (2013)
  • Imports Value: USD 251 billion (2013)
  • Tourism Revenue: USD 32.3 billion (2013)
  • Tourist Number: 39.2 million (2013)
  • Foreign Direct Investment (FDI) :USD 12.9 billion (2013)
  • Number of Companies with Foreign Capital: 36,450 (2013)
  • Inflation Rate: 7.5% (CPI-2013)
  • Neighboring Countries: Bulgaria, Greece, Syria, Iraq, Iran, Azerbaijan, Armenia, Georgia
  • Major Cities (Population): Istanbul (14.1 million), Ankara (5 million), Izmir (4 million), Bursa (2.7 million), Antalya (2.1 million) (2013)
  • Climate: Temperate; hot, dry summers with mild, wet winters
  • Major Exports Markets: Germany (9%); Iraq (7.8%); UK (5.8%); Russia (4.6%); Italy (4.4%); France (4.2%); USA (3.7%); UAE (3.3%); Spain (2.8%); Iran (2.4%) (2013)
  • Major Imports Sources: Russia (9.9%); China (9.8%); Germany (9.6%); Italy (5.1%); USA (5%); Iran (4.1%); Switzerland (3.8%); France (3.2%); Spain (2.5%); India (2.5%) (2013)

The Turkish Economy

The Growth weakened in early 2015, after a short-lived upturn in late 2014. The uncertainties associated with the forthcoming legislative elections and ongoing geopolitical tensions in the region are holding back investment and consumption spending. GDP growth is projected to pick up gradually over 2015 and 2016, after the “wait and see” attitudes of businesses and households dissipate, but to remain below potential.

Against the backdrop of large foreign financing needs and volatile capital flows, inflation – which remains far above target – will need to be brought down. To further rebalance demand from domestic to external sources, freeing up the productivity potential of the business sector and achieving durable competitiveness gains is crucial. The implementation of key products and labour market reforms would spur growth rapidly.

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