The visible improvements in Turkey's economy have also boosted foreign trade. Similarly, during 2003-2016, the budget deficit decreased from more than 10 percent to less than 2 percent as a ratio to GDP, which is one of the EU Maastricht criteria for the budget balance.Īs the GDP levels increased to USD 857 billion in 2016, up from USD 236 billion in 2002, GDP per capita soared to USD 10,807, up from USD 3,581 in the given period. Turkey has been meeting the “EU's 60 percent Maastricht criteria” for public debt stock since 2004. Together with stable economic growth, Turkey has also reined in its public finances the EU-defined general government nominal debt stock fell to 28.3 percent in 2016 from 72.1 percent in 2002. For example, according to the OECD, Turkey is expected to be one of the fastest growing economies among OECD members during 2015-2025, with an annual average growth rate of 4.9 percent.Īnnual Average Real GDP Growth (%) Forecast in OECD Countries Turkey's impressive economic performance over the past 14 years has encouraged experts and international institutions to make confident projections about Turkey's economic future. Source: OECD Quarterly National Accounts, 2017 These reforms strengthened the macroeconomic fundamentals of the country, allowing the economy to grow at an annual average real GDP growth rate of 5.6 percent from 2003 to 2016.Īnnual Average Real GDP Growth (%) 2003-2016 These reforms have increased the role of the private sector in Turkey's economy, enhanced the efficiency and resiliency of the financial sector, and placed public finance on a more solid foundation. A sound macroeconomic strategy, prudent fiscal policies, and major structural reforms have all contributed to the integration of Turkey's economy into the globalized world while also transforming the country into one of the major recipients of FDI in its region. Turkey's economy has performed remarkably well with its steady growth over the past 14 years. Germany (9.8%) UK (8.2%) Iraq (5.4%) Italy (5.3%) USA (4.6%) France (4.2%) UAE (3.8%) Spain (3.5%) Iran (3.5%) Netherlands (2.5%) (2016)Ĭhina (12.8%) Germany (10.8%) Russia (7.6%) USA (5.5%) Italy (5.1%) France (3.7%) South Korea (3.2%) India (2.9%) Spain (2.9%) UK (2.7%) (2016)įree Trade Agreements with Albania, Bosnia Herzegovina, Chile, EFTA member countries (Switzerland, Norway, Iceland and Liechtenstein), Faroe Islands, Ghana, Kosovo, Lebanon, Egypt, Georgia, Israel, Jordan, Singapore, South Korea, Syria, Macedonia, Malaysia, Mauritius, Moldova, Montenegro, Morocco, Palestine, Serbia, Tunisia Temperate hot, dry summers with mild, wet winters Istanbul (14.8 million), Ankara (5.3 million), Izmir (4.2 million), Bursa (2.9 million), Antalya (2.3 million) (2016) Bulgaria, Greece, Syria, Iraq, Iran, Azerbaijan, Armenia, Georgia
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