Foreign Market Consulting- Istanbul, Turkey
TURKEY
Turkey > At a Glance
At a Glance
 QUICK FACTS
  • Official Name: Republic of Turkey
  • Capital: Ankara
  • Financial Center: Istanbul
  • Government Type: Republican Parliamentary Democracy
  • Head of State: President Recep Tayyip Erdogan  (since 2014)
  • Head of Government: Prime Minister Binali Yildirim  (since 2016)
  • Ruling Party: The Justice and Development Party (AKP) leads the government
  • Land Mass: 770,760 km² (297,592 mi²)
  • Sea and Water: 9,820 km² (3,792 mi²)
  • Currency: Turkish lira (TRY=100 kurus)
  • Major cities: Istanbul, Ankara and Izmir (out of 81 cities)
  • Language: Turkish (official), other languages
  • Time zone: Two hours ahead of Greenwich Mean Time (GMT)
  • Telephone Code: +90
 STRATEGIC LOCATION
  • Neighboring Countries are Greece and Bulgaria at West; Georgia and Armenia at Northeast; Syria and Iraq at Southeast; and Azerbaijan and Iran at East
  • Control of the Bosphorus and access to the Black Sea
  • Eurasian country 97% on the Asia Minor Peninsula (Anatolia) and 3% on the European Balkan Peninsula (Eastern Trace)
 TRADING HUB
  • 56 countries, 1.6 billion customers by a 4-hours flight from Turkey
  • Geographic advantage as a gateway to European, Middle Eastern, North African and Central Asian markets
 POPULATION
  • Turkey’s population by 2016 is 79.8 million with median age of 31.4
  • The largest youth population compared with the EU 27 countries
  • Over 30.5 million labor force
 LARGE DOMESTIC MARKET
  • Cell phone penetration rate in households: 96.9% (2016)
  • Internet access rate in households: 76.3% (2016)
  • Internet access rate in enterprises: 93.7% (2016)
  • Computer usage rate in households: 54.9% (2016)
  • Credit card users: 58.8 million people (2016)
  • Cars registered to the traffic: 11.1 million (2016)
 ECONOMY
  • 17th largest economy in the world in terms of GDP PPP (2016)
  • 6th largest economy compared with the EU in terms of GDP PPP (2016)
  • GDP in current prices: USD 857 billion (2016)
  • GDP per capita in current prices: USD 10,807 (2016)
  • GDP growth on 2016 was 2.9%
 FOREIGN TRADE
  • Total volume of exports was USD 142.5 billion in 2016.
  • Total volume of imports was USD 198.6 billion in 2016.
  • Main product groups in exports are motor vehicles, machinery, steel, textile, food products and beverages as of 2016.
  • Main product groups in imports are chemicals, basic metals, machinery, motor vehicles and textiles as of 2016.
 FOREIGN DIRECT INVESTMENT
  • Total FDI inflow: USD 12.3 billion in 2016 
  • Countries with the highest FDI in Turkey: Netherlands (16%), the USA (8%), Austria (7%), UK (7%), Luxemburg (6%),  Germany (6%) and Belgium (6%) between 2010-2016
  • FDI Inflows from 2002 to 2016 has been the highest for the financial intermediation sector; this followed by manufacturing, energy, telecommunication and wholesale and retail trade sector.
 GLOBAL TRADE AND MEMBERSHIPS
  • Customs Union with the EU since 1996
  • Free Trade Agreements (FTA) with countries including Albania, Bosnia Herzegovina, Chile, Croatia, EFTA member countries (Switzerland, Norway, Iceland and Liechtenstein), Egypt, Georgia, Israel, Jordan, South Korea, Macedonia, Montenegro, Morocco, Mauritus, Palestine, Serbia, Syria, Tunisia
  • Member of G-20, OECD, NATO, WTO, non-permanent member of UN Security Council
 INVESTMENT CLIMATE
  • Foreign capital firms increased to 52,754 in 2016 from 6,700 in 2003
  • Equal treatment for all investors
  • International arbitration