Turkey’s Robust Economy – At a Glance
- Turkey ranks as the 17th largest economy in the World and 6th in Europe. (IMF, 2013)
- The Economy reached $800 billion in 2014 up from $305 billion in 2003. (Turkstat)
- GDP per capita has also tripled from $3,492 to $10,807 between 2002 and 2013. (Turkstat)
- Turkey grew by 2.9% in 2014 whereas the US, the Euro area, Germany and Japan grew by 2.4%, 0.9%, 1.6 % and -0.1% respectively. (Turkstat, IMF)
- The mean annual growth rate of Turkish Economy between 2003 and 2014 is 4.9%. (Turkstat)
- The Turkish Economy is expected to grow by 3.1% in 2015 and 3.6% in 2016. (IMF)
- Turkey is expected to be the fastest growing economy among the OECD members during 2014-2016 with an annual average growth rate of 3.6%. (OECD, February 2015)
- Turkey aims to become one of the world`s top ten economies with a trade volume of 1 trillion dollars by 2023, the 100th anniversary of the Republic of Turkey. (2023 Vision)
- A four-hour flight time from Turkey encompasses 56 countries, a region with 1.5 billion people and an export potential of $10 trillion dollars.
- Tripled GDP over a decade made Turkey an industrial powerhouse in its region.
- As of 2014, the share of the manufacturing sector in GDP is 25% while the share of the agriculture sector is 8.8%.
- Turkey is the largest commercial vehicle producer in Europe and the 16th largest automotive manufacturer in the world.
- Turkey manufactures more steel than 26 of the 27 EU states, and is the 8th largest steel manufacturer in the world.
- Turkey has been implementing an active policy to improve its investment environment. Equal treatment between domestic and foreign investors is guaranteed by law.
- Highly attractive investment incentives and strong R&D support have been introduced.
- Owing to all these reforms, Turkey has attracted $135 billion in foreign direct investment in the past decade. (UNCTAD)
- Turkey ranks as the 7th most attractive emerging market according to Bloomberg Markets.
- Located at the crossroads of Europe, the Caucasus, the Middle East and North Africa, Turkey also offers vast opportunities to global companies in many sectors with its sizeable domestic market and highly-qualified work force.
- Many multinational companies have either established their manufacturing bases in, or moved their regional headquarters to, Turkey. Coca-Cola has already established its regional HQs in Turkey, managing operations in 94 countries. Similarly, GE Healthcare has moved its regional HQs to Istanbul to manage its operations in 80 countries in four regions - Central Asia, the Middle East, Russia and Africa. Microsoft is also managing 80 countries from Turkey. The Turkish Government strongly supports global companies to move their regional HQs to Turkey.
Turkey – U.S. Economic Cooperation
- The total trade volume of Turkey is $400 billion as of 2014.
- The trade volume between the US and Turkey is only $19.4 billion in 2014, far from reflecting the potential of both countries.
- As of 2014, US exports to Turkey stand at $11.6 billion while Turkish exports to the US total $7.8 billion. (USITC)
- U.S. exports mainly include aircraft, iron and steel, agricultural goods, oil, cotton yarn and fabric, and machinery. Turkish exports mainly include commercial vehicles and their parts, machinery, tobacco, iron and steel and their products, aircraft parts, travertine and marble.
- FDI from the US to Turkey reached $7.1billion in 2013 while FDI from Turkey to the US was $1.4 billion in the same year. (TCMB)