General Outlook Of The Turkish Economy In January 2017

Budapeşte Büyükelçiliği 23.01.2017

GENERAL OUTLOOK OF THE TURKISH ECONOMY IN JANUARY 2017




  • World’s 17th largest economy, Europe’s 6th
    largest economy (2015, current GDP)



  • World’s 17th largest economy, Europe’s 6th largest economy (2015, Purchasing Power Parity)
    (These figures will be updated according to the new calculation methods harmonized with European standards)



  • Area: 814.578 km2 (projection: 779.452 km2)



  • Population: 78.9 million (2016)1

78.7 million (2015)




  • Labour force: 31.87 million (2016, September)1



  • Employment Rate: 46.8 % (2016, October)1



  • Unemployment Rate: 11.8 % (2016, October)1



  • Between 2008-2015, 6.7 million new jobs were created.



  • GDP : 861.4 billion USD (2015)1



  • GDP growth (at constant prices)1:

2015: 6.1%

2016 1st Quarter:4.5%

2016 2nd Quarter:4.5%

2016 3rd Quarter: -1.8%

(Average growth rate of 7.1 % between 2011 and 2015.According to the OECD, Turkey is expected to be the fastest growing economy among the OECD members in the period of 2012-2017 and 2018-2030 with 5.1% and 4.3% respectively.)




  • Since 2002 GDP per capita has increased from 3,492 USD to 11.014 USD in 2015. According to Purchasing Power Parity (PPP) GNI per capita passed 19.917 USD in 2015. (This figure will be updated according to the new calculation methods harmonized with European standards.)1






  • Inflation:2002
    29.7 %

2011 10.45 %

20126.16 %

20137.40 %

20148.17 %

20158.81 %

20167.78 %(yearly average)




  • Central Government Budget Deficit / GDP
    : - 1.3 % (2016, January)1



  • FDI inflow: 10.7 billion USD (2016 October, on a yearly basis)2

17.1 billion USD (2015)




  • Exports: 129.79 billion USD(2016 January-November)1

143.8 billion USD (2015)




  • Imports: 180.19 billion USD (2016 January-November)1

207.2 billion USD (2015)




  • Trade volume: 309.98 billion USD (2016 January-November)1

351 billion USD (2015)




  • Rate of Exports Meeting Imports
    :75.7% (2016, November)1




  • Turkish Official Development Assistance: 3.9 billion USD in 20154



  • Reserve of Foreign Exchange
    : 92.1 billion USD (2016, December)2



  • Banking Sector Capital Adequacy Ratio
    : 15.3 % (2016, November)2



  • Public Net Debt Stock
    : 176.8 billion TL (2016, 3rd
    Quarter)2



  • Agreements for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income with 82 countries.



  • Agreements for Reciprocal Promotion and Protection of Investments
    with 98 countries



  • 18 Free Trade Agreements in force
    : 17 countries and EFTA.3



  • Tourism (2015): 41.6 million visitors; 31.5 billion USD revenue

Tourism (2016 January-November): 24.7 million visitors; 17.3 billion USD revenue.1