Turkey Economic Forecast
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Turkey’s economy is quite interesting in that it is a complicated blend of modern commerce and industry, along with traditional sectors to include agriculture, fisheries, and farming. Today, this country has a strong sector that is growing quickly but even so, the government of Turkey is heavily involved with the basic industry, as well as financial services, financial institutions, banks, communication, and transport. Of all sectors in Turkey, textiles and clothing is without doubt the most significant, accounting for about 35% of employment opportunity.
Turkey’s economy is quite interesting in that it is a complicated blend of modern commerce and industry, along with traditional sectors to include agriculture, fisheries, and farming. Today, this country has a strong sector that is growing quickly but even so, the government of Turkey is heavily involved with the basic industry, as well as financial services, financial institutions, banks, communication, and transport. Of all sectors in Turkey, textiles and clothing is without doubt the most significant, accounting for about 35% of employment opportunity.
For many years, Turkey’s economy saw incredible growth but in 1994, 1999, and 2001, output was cut dramatically. Even with this challenge, by 2004 Turkey was experiencing growth of the Gross Domestic Product by 9%. Then from 2002 to 2007, the country saw more growth specific to improved investor interest for developing emerging markets but despite this, a high national current account balance deficit and incredible debt for external public state, changes were needed. It is now believed with Turkey becoming a member of the European Union, coupled with judicial reform that any economy challenges will quickly and efficiently be resolved.
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Turkey GDP Forecast
Unlike many other countries, Turkey is a blend of old and new. Over the years, the Turkey GDP (Gross Domestic Product, Current Prices, US Dollars) enjoyed growth but some decline has also been experienced. With this country now being a part of the European Union, any serious economic challenges should be easier to resolve, making it more likely for the GDP to continue growing. In 2008, the GDP for Turkey was reported at $730.32 billion in US dollars. Then over the following year, a slight reduction of 15.75% was seen, which put the GDP for 2009 at $615.329 billion and the country at number 17 worldwide. Expectations for 2010 put the GDP at $710.74 billion, which is only a small change but by 2015, experts believe a more significant change will occur, putting the GDP at $852.379 billion in US currency.
Turkey Unemployment Forecast
Approximately 97% of this country is Asian Turkey, which is separated by Bosporus, Dardanelles, and the Sea of Marmara from European Turkey. The most recent report for the Turkey population shows that almost 75 people live in this country but just 24.5 million work although just over 1 million work in overseas economies. With this, the Turkey unemployment rate is high, hitting 14.6% in 2009, an increase from 2008 that hit 10.97%.
Turkey Inflation Rate Forecast
For experts to forecast the Turkey inflation rate, which consists of average consumer prices, an index of 2000=100 is used. At the end of 2008, the inflation rate was at 10.44%, followed by a small increase of 6.25%. Then by the end of 2009, the rate had declined to 6.251%, putting Turkey at number 54 for world rankings. Looking at the future, forecasts for 2010 show the rate will be at 9.73%. Then for the year 2015, predictions are the inflation rate will be at 4%.
Turkey Current Account Balance Forecast
When forecasting the Turkey current account balance, experts look at all transactions for major classifications of goods, services, income, and current transfers, minus capital and financial items. Year-end 2008 had an account balance of minus $41.29 billion in US dollars, followed by a reduction of 66.45%. This change put 2009 at minus $14.853 billion and placed Turkey at number 171 worldwide. For the future, 2010 and 2015 are being predicted at minus $28.35 billion and minus $39.848 billion in US dollars respectively.
