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Turkey /
Economy
KEY FIGURES
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GDP: $183 billion
GDP/capita: $2,700
GDP/sector: Agriculture 13%, Industry 30%, Services 57%
Foreign debts: $118 billion (2001)
Foreign debts/GDP: 64%
Foreign debts/capita: $1,760
Annual growth in GDP: 4.9%
Trade balance: -19%
Export products: Oil and oil products, carpets, fruits and nuts, iron and steel, chemicals.
Annual inflation rate: 45%
Official unemployment: 10.8%
All figures are 2002 estimates.
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INTERNATIONAL RANKINGS
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Corruption: 58 of 180 countries
Investment friendly: 59 of 181 countries
Figures of 2008 |
VALUE OF CURRENCY
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1997:
US$1=151,000 Liras
1998:
US$1=261,000 Liras
1999:
US$1=419,000 Liras
2000:
US$1=625,000 Liras
2001:
US$1=1,220,000 Liras
2003:
US$1=1,420,000 Liras
September 2008:
US$1=1.24 New Liras
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The main core of Turkish economy is still agriculture, employing the largest part of the population. Farming has become more effective than before, but is still quite inefficient, and most farms are very small. Fishing makes up another important part of the economy, with almost 100 kg/inhabitant/year, where a major part of the catch is exported. Industries of Turkey are more aiming at exports than most other countries in the Middle East, but is small compared to European levels. The main contributor to the GNP was industry, though, making up more than 30%.
Economy on the level of ordinary Turks, have worsened in the last years, as inflation has been at the level of 100% or more, while normal wages have been risen at a lower speed. There have been serious measures on trying to bring the Turkey's foreign debts down, which means that a large part of the national production has been sent out of the country.
The remittances coming home from Turks working abroad, mainly in Germany and Saudi Arabia, is important, but doesn't count for more than 2-3% of GNP.
© Copyright 1996-2008 LookLex Ltd. All rights reserved
By: Tore Kjeilen
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