Turkey Country Guide

Turkey is on the Eastern Mediteranian. It is the only country to stradle 2 continents, with a small section in South Eastern Europe and a larger section in the Anatolian region of West Asia separated by the Turkish Straits. It is regarded as one of the most dynamic and attractive markets in the world.

Already sizeable, the Turkish economy will be the second fastest growing economy by 2018 and will out-strip those of Italy and Spain in the next decade. Turkey has a young and well-educated population (latest estimate 77 million), and is already a member of the EU Customs Union.
It joined the UN in 1945 and NATO in 1952, and is now actively pursuing EU membership which will bring increased regional stability and provide great benefits to both Turkey and the EU through its active role on many key global issues

Did You Know?

1. Istanbul is the only city in the world located on two continents, Europe and Asia. In its thousands of years of history, it has been the capital of three great empires - Roman, Byzantine and Ottoman. It is not however the capital of modern Turkey.
2. The world’s oldest known settlement is in Catalhoyuk in central Anatolia, Turkey, and dates back to 6,500 BC.
3. St Nicolas – the original Santa Claus – was born in Patara in Turkey and has a church dedicated to him in Demre.
4. Julius Caesar proclaimed his celebrated words “Veni. Vedi, Veci” (I came, I saw, I conquered) in Turkey when he defeated Pontus, a formidable Kingdom in the Black Sea Region of Turkey.
5. The first coins ever minted were done so at Sardis, the capital of the ancient kingdom of Lycia, at the end of the seventh century B.C

Economy of Turkey

Like many economies, the Turkish economy has been affected by the global financial crisis with its Finance Ministry reporting that Turkey's budget deficit swelled to 23.2 billion Turkish liras ($15 billion) in the first half of 2009, 13 times higher than a year earlier.
Nevertheless, The Economist points out that in many ways Turkey has weathered the credit crunch better than other emerging economies. Not a single Turkish bank has gone under, and unlike many Western banks, they have few toxic assets and limited mortgage exposure meaning the government has not had to divert public money into rescuing banks.
The Turkish Stock Market and credit rating agencies have responded positively. Share prices in Turkey nearly doubled over the course of 2009 – the largest increase in the world after Argentina's stock market – and on 8 January 2010, International credit rating agencies Moody's and Fitch upgraded Turkey's rating.
Turkey’s main trading partner is the European Union, which accounted for 59% of exports and 52% of imports in 2005. Exports reached $115.3 billion in 2007 and Turkey targets exports of $200 billion in 2013, with a total trade of at least $450 billion.
Tourism is one of the most dynamic and fastest developing sectors in Turkey. In 2005 there were 24,124,501 visitors to the country who contributed $18.2 billion to Turkey's revenues. In 2008, that number rose to 30,929,192, contributing $21.9 billion.

Economy

• GDP: (2005) $481.5 billion; (2006) $526.4 billion; (2007) $658.8 billion; (2008) $680 billion; (2009) $618 billion; (2010 forecast) $641 billion.
• Annual real GDP growth rate: (2005) 8.4%; (2006) 6.9%; (2007) 4.5%; (2008) 1.1%; (2009) -4.7%; (2010 forecast) 6.8%.
• GDP per capita: (2005) $6,681; (2006) $7,500; (2007) $9,333; (2008) $10,436; (2009) $8,590; (2010 forecast) $9.000.
• Annual inflation rate/CPI: (2005) 7.7%; (2006) 9.7%; (2007) 8.4%; (2008) 10.1%; (2009) 6.5%; (2010 forecast) 7.5%.
• Natural resources: Coal, chromium, mercury, copper, boron, oil, gold.
• Agriculture (9.3% of GDP): Major cash crops tobacco, cotton, sugar beets, hazelnuts, wheat, barley, grain, olives, and citrus. Provides about 29.5% of jobs and 2.7% of exports.
  Industry (25.6% of GDP): Major growth sector, types--automotive, electronics, food processing, textiles, basic metals, chemicals, and petrochemicals. Provides about 24.7% of jobs and 95% of exports.
• Trade: Exports (merchandise)--(2005) $73.5 billion; (2006) $85.5 billion; (2007) $107.2 billion; (2008) $132 billion; (2009) $102.1 billion; (2010 as of August) $72.9 billion: textiles and apparel, industrial machinery, iron and steel, electronics, petroleum products, and motor vehicles. Imports (merchandise)--(2005) $116.8 billion; (2006) $139.6 billion; (2007) $170.1 billion; (2008) $201.8 billion; (2009) $140.4 billion; (2010 as of August) $114.9 billion: petroleum, machinery, motor vehicles, electronics, iron, steel, plastics precious metals. Major partners--Germany, U.S., Italy, France, Russia, Japan, China, Iran, U.K.