Turkey in a Snapshot

2015 Economy - overview: 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. 

 Mavi Boncuk |

World Bank: Economy Profile 2015 - Turkey

Turkey in a Snapshot

A land of resources

* A treasure of history, a melting pot of civilizations and cultures.
* The variety and beauty of its landscape and climate attracts tourists to its beaches, mountains, plains and valleys.
* A dynamic nation of 67 million people with average age of 27.

Committed to democracy and pluralism

* A multi-party parliamentary democracy since 1946.
* A secular democracy among more than 50 republics with predominantly Moslem population.

A free market economy

* Free and privately-owned media, with 16 nation-wide private TV Networks, broadcasting through two Turkish communication satellites.
* A member of NATO since 1952, Turkey is a part of the EU Customs Union since 1996, a candidate country to the EU since 1999 that started accession negotiations in October 2005.

Strategically placed

* A physical and culturel bridge between Europe and Asia, in the heart of Eurasia, bordering 12 nations and four seas.
* An outlet for the Black Sea basin countries to warm seas through the Turkish Straits.
* A significant contributor to the development of the newly independent states of Central Asia and the Caucasus.
* A prospective energy terminal of export of Caspian oil and natural gas.

A regional leader

* Contributor to UN peacekeeping operations world-wide.
* Initiator of the Black Sea Economic Co-operation region which groups 11 nations from the Balkans to the Caucasus.

* Supporter of the Southeast European Countries Cooperation Process and initiator of the Multinational Peace Force Southeastern Europe; participant in the Kosova International Security Force and in Afghanistan and the Lebanon.
* Supporter of the Middle East Peace Process and the only regional country which participates in the Temporary International Presence in Hebron (TIPH) upon the request of both the Palestinian and Israeli sides.

An economic power

* A modern telecommunication and transportation network.
* 17th largest and 4th fastest growing economy in the world.
* 4th biggest donor country in the world with respect its GNP.
* Donor of $3.5 billion in economic and technical assistance including credits and $500 million in humanitarian aid to several countries.
* In Russia alone, the investments of Turkish private entreprises amount to $10 billion.
* With an average annual growth rate of 5%, the fastest growing country in the Mediterranean.
* Exports to 155 countries, ranging from cable for the Channel Tunnel to cars to China.
* Europe's largest supplier of textiles and apparel.
* The only F-16 fighter plane factory outside the US.
* A regional center for international companies such as Coca-Cola, Chase Manhattan, Philips and Siemens.

A land of opportunity

* Privatization program including state enterprises active in airlines, banking, telecommunications and petroleum.
* Privatization and its $4.5 billion per year energy investment program offering important opportunities for foreign investors.
* One of the 10 big emerging markets.
* The Southeastern Anatolia Project (GAP) for hydroelectric power generation and irrigation creating vast investment oppourtunities in agroindustries.