Turkey Economy

By: EconomyWatch Content   Date: 16 March 2010

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Turkey is a Eurasian country, situated between Western Asia and the Balkan region of South Eastern Europe. Turkey is bordered by Bulgaria to the northwest, Greece to the west, Georgia to the northeast, Armenia, Iran and Azerbaijan to the east, and Iraq and Syria to the southeast. Asian Turkey constitutes about 97% of the country’s area and is separated from European Turkey by the Bosporus, the Sea of Marmara and the Dardanelles. Turkey’s population according to the 2009 estimates is 74,816,000.

 

Turkey’s economy is a mix of modern industry and commerce, along with the traditional agriculture sector. Turkey has a robust and ever-developing private sector, and the state is a major contributor to industry, banking, transport and communication. Due to the global economic slowdown, Turkey’s GDP fell to an annual rate of 0.9% in 2008 and declined further by 5.8% in 2009. Inflation fell to 5.8% in 2009 and the nation’s economy was burdened by high external debt. The FDI values stood more than $180 billion at the end of 2009. Since Turkey is a member of the EU, the FDI in the country is likely to see an increase going forward.

 

Turkey Economy: GDP and Labor Force

The GDP (PPP) stood at $861.6 billion in 2009, declining from its 2008 and 2007 levels when it was $914.7 billion and $906.5 billion, respectively. Turkey’s GDP (Official Exchange Rate) was worth $593.5 billion in 2009, while the GDP growth rate fell by 5.8% in the same period. The GDP per capita was $11,200 in 2009, which fell from its 2008 levels when the GDP per capita was $12,100. The agriculture, industry and services sectors contributed 9.4%, 25.9% and 64.7%, respectively, to Turkey’s GDP in 2009.

 

Turkey had a labor force of 24.2 million in 2009, with approximately 1.2 million working in various overseas economies. The unemployment rate was 14.6% in 2009, up from 10.97% in 2008.

 


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