Generally, Turkey is a free market economy lead by its industry. Its increasing growth in the services sector. Turkey is traditionally an agricultural economy. But turkey is rapidly shifted in the industry-based economy last few decades. Turkey is highly dependent on imported oil and gas.
Turkey general overview:
Turkey’s capital name is Ankara and its largest city name is Istanbul. Its official language is Turkish. By ethnic group, 70% are Turk peoples, 20% Kurds, and 10% others. Turkey’s total area is 783,500 km2. Its total population, by the year 2020, is 83,655,545 and it has ranked in the world by population is 19th.
The total GDP of turkey is $790.5 billion (nominal) and $2.7 trillion (PPP) by the year 2021. Its GDP rank is 20th (nominal) and 11th (PPP), by the year 2021. Turkish GDP growth rate is 6%, in the year 2021. Its GDP per capita is $9,300 (nominal) and $32,300 (PPP), by the year 2021.
Turkish GDP per capita rank is 67th (nominal) and 45th (PPP) in the year 2021. When we talk about its GDP by sector share, agriculture is 7%, industry 32%, services 60%, and others.
Other economics stats:
Turkish currency name is called Turkish lira. In Turkey, the inflation rate is 11%, in the year 2020. The rate of population below the poverty line is 8%. Turkish human development index is 0.820, by the year 2019 which is considered very high in the world. The Labour force in turkey is 41,845,445, in the year 2020. The unemployment rate in Turkey is 13%, by the year 2020.
Turkish total exports are $170 billion, in the year 2020. Turkish main exports goods are machinery, plastics agriculture goods textile, etc. Turkish main exports partners are Germany, UK, Iraq, US, Spain Russia, etc.
Turkish total imports are $200 billion, in the year 2020. Its main imports goods are fuels, transports, chemicals, etc. Turkish main imports partners are Germany, China, Russia, UK, USA, South Korea, etc.
Let’s talk about some main Turkish industries:
Agriculture is the biggest industry in turkey. In 2017, turkey is the biggest producer of agricultural commodities such as cherries pomegranates, etc. turkey is the 2nd largest producer of watermelon in the world. Turkey is the 3rd largest producer of cucumber in the world.
Turkey has the biggest tourism industry. Millions of tourists all around the world are entered in turkey every year. A large number of Asian, north, and south Americans visit turkey every year. A very large number of European visit turkey of seeing historic and tourist places, every year.
Manufacturing is the biggest and leading industry in turkey. The manufacturing industry is growing very fast in, last few decades. The manufacturing industry has a 40% share in the Turkish overall economy. On another hand, the private sector in Turkey has the biggest role in the Turkish manufacturing industry.
The textile sector is the biggest sector in the Turkish manufacturing industry. Turkish Textile products are highly competitive in the international market. Turkish Textile industry earns millions of dollars in the international market, every year.
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For more detail about the Turkish Economy and Turkish GDP: Please Click Here.
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