Turkey’s GDP allows it to be defined as an emerging market country. This is how the IMF characterizes this state. Turkey is also classified as a group of newly industrialized countries. The CIA World Directory puts it on a par with the twenty most developed states. Nominal GDP of Turkey is the eighteenth in the global rating, the seventeenth - in terms of purchasing power parity.
The country is a leading manufacturer of agricultural products, textiles, vehicles, construction materials, household appliances. She is the sixth most popular country among holidaymakers. The share of Turkish GDP from tourism is more than 10%. About 8% of the total working-age population works in this sector. In this article we will consider the structure of Turkey’s GDP and the contribution of industry, agriculture and the service sector to it. Special attention is paid to the role of the tourism sector and the problems associated with the aggravation of conflict relations with Russia and the imposition of sanctions.
General information
Currency is Turkish Lira.
The fiscal period is a year.
Participation in trade organizations - G20, OECD, EU Customs Union, WTO, ECO, BSEC.
Turkish GDP (2016): PPP - $ 1.641 trillion. USA, nominal - 721 billion
Economic growth - 4%.
Turkey's GDP per capita (2016): PPP - 20.888 thousand dollars. United States, nominal - 9.179.
Inflation - 6.81%.
The Gini coefficient is 40.2.
Unemployment - 9.3%.
The main industries are textile, food, automotive, tourism, and mining.
Turkey's GDP structure
As of 2013, the service sector provides 63.8% of the gross domestic product, industry - 27.3%, and agriculture - 8.9%. The trade balance is positive (36.2 billion US dollars). The main export partners are the following states: Germany, Iraq, Great Britain, Italy, France, and the USA. According to 2014 data, imports amounted to 240.4 billion dollars. The main import partners are such states: Russia, China, Germany, USA, Italy, Iran. Tensions with Russia negatively affect both countries. The GDP of Turkey and Russia are closely interconnected. However, the short-term effect will be stronger for the first country. According to experts, it can lose from 0.4 to 1.6% of GDP. For Russia, the restriction of commodity flows is fraught with another surge in inflation and rising prices. In the long term, the suspension of Turkish investments will lead to a drop in the GDP of the Russian Federation.
Services sector
The three main sectors are: transport, communications, tourism and finance. There are 102 airports in the country, 8 of them are international. They serve more than 100 million passengers a year. The total length of railways is 10, 991 thousand km, of motor roads is 426, 951. The Turkish merchant fleet includes 1, 199 vessels (the seventh largest in the world). The length of the pipelines is 9.814 thousand km. According to 2008 data, 17.5 million landlines and 65.8 million mobile phones and 24.5 million Internet users are registered in the country. The banking sector of Turkey is one of the strongest and most extensive in Eastern Europe, the Middle East and Central Asia. Over the past decade, the national currency of the state has significantly added to its value. Twelve Turkish companies were included in the Forbes Global 2000 list. Five of them belong to the banking sector, two to the communications sector, and one to the transport sector.
Turkey's GDP from tourism
The recreational sector is one of the fastest growing, 11 of the top 100 hotels are located in this country. In 2005, 24 billion tourists visited Turkey, each of which on average brought $ 679 to the treasury. Over time, the flow of tourists only increased. In 2015, the share of tourism in Turkey's GDP decreased due to the Russian economic crisis and political tensions after a Russian military bomber was shot down over its territory. It was also affected by the increase in the number of terrorist attacks. According to experts, the loss of Turkey in 2015 amounted to $ 5 billion. However, Istanbul remains one of the most visited cities in the world. The share of tourism in Turkey's GDP is about 10%.
Industry
Turkish company Vestel is the largest TV manufacturer in Europe. Beco is not far behind her. These two companies supply more than half of the televisions in the European market. An important sector is the textile industry. More than three fourth of its products are exported to the European market. Turkey is the world's twelfth car manufacturer. Most enterprises are based in the Marmara region. Turkey is one of the largest manufacturers of trains, including high-speed, locomotives, wagons and ships. Other important industries are defense and mining.
