Turkish economy

Economy of Turkey

Levent Business District in Istanbul
Currency	Turkish lira () (TRY) = 0.3 USD
Fiscal year	calendar year
Trade organisations	G-20, OECD, EU Customs Union, WTO, ECO, BSEC, Developing-8
Statistics
GDP	$2.199 trillion (PPP, 2018) $0.929 trillion (Nominal, 2018)
GDP rank	17th (nominal) / 13th (PPP)
GDP growth	6.7% (2010-2016 avg.) 5.1% (Q2 2017), 3.9% (2018f), 4.1% (2019f)
GDP per capita	$26,960 (PPP, 2018) $11,014 (Nominal, 2015)
GDP by sector	agriculture: 8.6% industry: 27.1% services: 64.3% (2016 est.)
Inflation (CPI)	9.79% (July 2017, CPI)
Population below poverty line	16.9% (2010)
Gini coefficient	0.39 (2014)
Labour force	31.9 million (2017 est.) note: about 1.2 million Turks work abroad
Labour force by occupation	agriculture: 25.5% industry: 26.2% services: 48.4% (2010)
Unemployment	10.2% (May 2017)
Average gross salary	$12,000 annual (2015)
Average net salary	$8,000 annual, (2015)
Main industries	textiles, food processing, autos, electronics, tourism, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Ease-of-doing-business rank	69th (2017)
External
Exports	$150.1 billion (28th) (2016)
Export goods	List apparel foodstuffs textiles metal manufactures transport equipment
Main export partners	Germany 9.3%  United Kingdom 7.3%  Iraq 5.9%  Italy 4.8%  United States 4.5%  France 4.1% (2015)
Imports	$197.8 billion (22nd) (2016)
Import goods	List machinery chemicals semi-finished goods fuels transport equipment
Main import partners	China 12%  Germany 10.3%  Russia 9.9%  United States 5.4%  Italy 5.1% (2015)
FDI stock	$198.4 billion (27th) (31 December 2016)
Gross external debt	$410.4 billion (30th) (31 December 2016)
Public finances
Public debt	26.5% of GDP (2017)
Revenues	$225 billion (2015)
Expenses	$234 billion (2015)
Economic aid	donor: $6.182 billion, 0.79% of GNI.
Credit rating	Standard & Poor's: BBB (Domestic) BB+ (Foreign) BBB(T&C Assessment) Outlook: Negative Moody's: Rating: Ba1 Outlook: Stable Fitch: Rating: BB+ Outlook: Stable
Foreign reserves	$135.638 billion (6 December 2013)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Turkey is defined as an emerging market economy by the IMF. Turkey is among the world's developed countries according to the CIA World Factbook. Turkey is also defined by economists and political scientists as one of the world's newly industrialized countries. Turkey has the world's 17th-largest nominal GDP, and 13th-largest GDP by PPP. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances.

Turkey has the world's 17th-largest nominal GDP, and 13th-largest GDP by PPP. The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, Turkey is also a part of the EU Customs Union.

Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.

The CIA classifies Turkey as a developed country. Turkey is often classified as a newly industrialized country by economists and political scientists; while Merrill Lynch, the World Bank, and The Economist describe Turkey as an emerging market economy.