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Economy overview
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Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2001 still accounted for 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The most important industry - and largest exporter - is textiles and clothing, which is almost entirely in private hands. In recent years the economic situation has been marked by erratic economic growth and serious imbalances. Real GNP growth has exceeded 6% in many years, but this strong expansion has been interrupted by sharp declines in output in 1994, 1999, and 2001. Meanwhile, the public sector fiscal deficit has regularly exceeded 10% of GDP - due in large part to the huge burden of interest payments, which accounted for more than 40% of central government spending in 2003. Inflation, in recent years in the high double-digit range, fell to 11.3% in 2004. Perhaps because of these problems, foreign direct investment in Turkey remains low - less than $1 billion annually. Results in 2002-04 improved, because of strong financial support from the IMF and tighter fiscal policy. A major political and economic issue over the next decade is whether or not Turkey will become a member of the EU.
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GDP
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purchasing power parity - $458.2 billion (2004 est.)
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GDP - real growth rate
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5.8% (2004 est.)
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GDP - per capita
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purchasing power parity - $6,700 (2004 est.)
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GDP - composition by sector
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agriculture: 11.7%
industry: 29.8%
services: 58.5% (2003 est.)
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Investment gross fixed
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15.5% of GDP (2004 est.)
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Population below poverty line
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18% (2001)
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Household income or consumption by percentage share
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lowest 10%: 2.3%
highest 10%: 32.3% (1994)
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Distribution of family income - Gini index
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44 (2002)
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Inflation rate consumer prices
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25.3% (2004 est.)
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Labor force
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23.79 million
note: about 1.2 million Turks work abroad (2004 est.)
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Labor force by occupation
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agriculture 39.7%, industry 22.4%, services 37.9% (3rd quarter, 2001)
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Unemployment rate
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10.5% (plus underemployment of 6.1%) (2004 est.)
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Budget
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revenues: $66.79 billion
expenditures: $93.31 billion, including capital expenditures of NA (2004 est.)
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Public debt
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78.7% of GDP (2004 est.)
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Agriculture products
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tobacco, cotton, grain, olives, sugar beets, pulse, citrus; livestock
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Industries
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textiles, food processing, autos, mining (coal, chromite, copper, boron), steel, petroleum, construction, lumber, paper
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Industrial production growth rate
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8.5% (2004 est.)
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Electricity production
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116.6 billion kWh (2001)
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Electricity production by source
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fossil fuel: 79.3%
hydro: 20.4%
other: 0.3% (2001)
nuclear: 0%
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Electricity consumption
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112.6 billion kWh (2001)
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Electricity exports
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433 million kWh (2001)
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Electricity imports
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4.579 billion kWh (2001)
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Oil production
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48,000 bbl/day (2001 est.)
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Oil consumption
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619,500 bbl/day (2001 est.)
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Oil exports
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46,110 bbl/day (2001)
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Oil imports
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616,500 bbl/day (2001)
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Oil proved reserves
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288.4 million bbl (1 January 2002)
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Natural gas production
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312 million cu m (2001 est.)
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Natural gas consumption
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15.94 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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15.75 billion cu m (2001 est.)
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Natural gas proved reserves
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8.685 billion cu m (1 January 2002)
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Current account balance
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$-6.806 billion (2004 est.)
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Exports
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$49.12 billion f.o.b. (2004 est.)
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Exports commodities
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apparel, foodstuffs, textiles, metal manufactures, transport equipment
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Exports partners
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Germany 15.8%, US 8%, UK 7.8%, Italy 6.8%, France 6% (2003)
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Imports
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$62.43 billion f.o.b. (2003 est.)
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Imports commodities
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machinery, chemicals, semi-finished goods, fuels, transport equipment
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Imports partners
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Germany 13.6%, Italy 7.9%, Russia 7.8%, France 6%, UK 5%, US 5%, Switzerland 4.3% (2003)
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Reserves of foreign exchange gold
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$35.55 billion (2004 est.)
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Debt external
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$147.3 billion (2004 est.)
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Economic aid recipient
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ODA, $300 million (2000)
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Currency
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Turkish lira (TRL)
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Currency code
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TRL
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Exchange rates
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Turkish liras per US dollar - NA (2003), 1,507,230 (2002), 1,225,590 (2001), 625,218 (2000), 418,783 (1999), 151,865 (1997)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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