Consumer price index (CPI)

Base year 2003 = 100

(Source: Central Bank)

The consumer price index has risen from 174.07 in January 2010 to 182.6 in January 2011. The increase in consumer price index reflects an increase in the prices of consumer goods in the country.

Producer price index

(Source: Central Bank)

Interest rates on saving deposits / time deposits

Weighted average interest rates on saving deposits and time deposits:

Saving deposits		Time deposits
Months	Interest rate (%)	Months	Interest rate (%)
Jan-11	0.25	Jan-11	12.07
Dec-10	0.25	Dec-10	12.98
Nov-10	11.63	Nov-10	14.14
Oct-10	11.66	Oct-10	14.05
Sep-10	14.1	Sep-10	15.08
Aug-10	14.14	Aug-10	15.22
Jul-10	14.09	Jul-10	15.06
Jun-10	14.27	Jun-10	15.67
May-10	14.22	May-10	15.64
Apr-10	14.14	Apr-10	15.54
Mar-10	14.18	Mar-10	15.53
Feb-10	14.1	Feb-10	15.55
Jan-10	14.11	Jan-10	15.47

(Source: Central Bank)

The interest rate on saving deposits declined from 14.11% in January 2010 to 0.25% in December 2010.

Money supply

Money supply	28-01-2011	31-12-2010	01-01-2010
M1	125,938,014	133,884,898	107,051,398
Currency in circulation	44,794,040	44,368,280	34,289,353
M2	584,371,784	587,814,547	494,024,148
M3	612,397,233	615,088,260	520,674,414

(Source: Central Bank)

Total expenditure

Expenditures (% of GDP)	2010 e	2009	2008	2007
Personnel Expenditures	5.9	5.9	5.1	5.2
Transfers to Social Security	1.1	0.8	0.7	0.7
Purchase of Goods and Services	2.4	3.1	2.6	2.6
Current Transfers	9.9	9.7	7.4	7.5
Capital Expenditures	1.8	2.1	1.9	1.5
Capital Transfers	0.3	0.5	0.3	0.4
Interest Expenditures	5.5	5.6	5.3	5.8

(Source: Central Bank)

e = Target

Public Sector Borrowing Requirement

Year	Public Sector Borrowing Requirement (TRY million)
2009	60,843.876
2008	15,390.902
2007	552.504
2006	-14,268.087
2005	-479.683

(Source: Central Bank)

The public sector borrowing requirement increased from TRY 15,390.902 million in 2008 to TRY 60,843.876 million in 2009, reflecting a rise of 295.32% in a year.

Public debt levels

(Source: Central Bank)

The public debt rose from TRY 335,860.18 million in January 2010 to 353.286 million in December 2010.

Official exchange rate

 

TRY/USD	2010	2009	2008
Buying	1.500364	1.547065	1.292908
Selling	1.507603	1.554529	1.299145

(Source: Central Bank)

Government finances

Sovereign debt dynamics

Fiscal balance

(Source: Central Bank)

Fiscal deficit for the year 2010 was estimated at -4.9% of the GDP.

Total revenue

Revenue (% of GDP)	2010 e	2009	2008	2007
Tax Revenues	18.8	18.2	17.7	18.1
Non-Tax Revenues	3.6	3.8	3.7	3.8

(Source: Central Bank)

e= target

Tax revenue

(E)- Estimated target

(Source: Central Bank)

Current account balance - surplus/deficit

 

In recent years, Turkey’s current account balance has registered a constant rate of deficit. In 2009, a positive decline in the current account deficit was observed.

(Source; Central Bank)

Balance of payments

Indicators (USD million)	2010	2009	2008	2007
Current Account	-48,561	-13,991	-41,959	-38,434
Capital Account	-36	-42	-60	-8
Financial Account	59,539	9,756	34,558	48,700
Net Errors And Omissions	4,016	5,068	4,703	1,757
Global Balance	14,958	791	-2,758	12,015

 

 

 

 

 

(Source; Central Bank)

Labour force

In 2009, the country had a labour force of 24.75 million, of which 21.28 million are employed and the remaining 3.47 million are unemployed. Specifically, of the total labour force, 17.9 million were males and 6.85 million females.

From the total labour force, 16.6 million were from urban areas, of which 13.84 million were employed and 2.746 million were unemployed. Furthermore, a total of 8.16 million individuals in the labour force were from rural areas, of which 7.44 million were employed and 0.7 million unemployed.

(Source: turkstat.gov)

Labour force participation rate

In 2009, the total labour force participation rate was 47.9%, which is slightly higher as compared to the labour force participation rate of 46.9% in 2008. The labour force participation in urban areas was recorded at 45.8% and that of rural area at 52.7%. The labour force participation rate in case of males was 70.5% and that of females was 26%.

(Source: turkstat.gov)

Unemployment rate

(Source:turkstat.gov.tr)

The unemployment rate has declined from 13.3% in November 2009 to 11.2% in November 2010.

Unemployment rate (%)	2009	2008	2007
Urban	16.6	12.8	12.0
Rural	8.9	7.2	6.8
Males	13.9	10.7	10.0
Females	14.3	11.6	11.0

(Source: turkstat.gov)

Employment in agriculture

Employment in Agriculture (‘000)
	2009		2008		2007
Age Group	Male	Female	Male	Female	Male	Female
1-16	255	421	206	361	181	325
17-35	720	992	590	846	592	879
36-39	81	76	72	66	68	54
40	95	77	75	68	86	71
41-49	426	368	411	374	425	359
50-59	362	240	415	333	362	273
60-71	407	186	443	206	449	236
Above 72	127	41	142	50	119	38

(Source: turkstat.gov)

The number of males employed in the agriculture sector in 2009 was 2.81 million, as compared to 2.66 million in 2008. Furthermore, the number of females employed in agriculture sector also increased from 2.35 million in 2008 to 2.45 million in 2009.

(Source: turkstat.gov)

Employment in industries

Employment in Industries (‘000)
	2009		2008		2007
Age Group	Male	Female	Male	Female	Male	Female
1-16	63	59	43	33	53	38
17-35	170	96	141	75	293	113
36-39	39	8	28	6	36	6
40	360	89	330	81	324	62
41-49	1,355	260	1,535	284	1,346	259
50-59	935	193	1,092	218	1,007	192
60-71	1 100	136	1,127	131	1,121	131
Above 72	368	30	439	34	422	37

(Source: turkstat.gov)

The male employee population in the industrial sector in 2009 was 4.48 million, as compared to 4.8 million in the previous year. The female employment in the industrial sector was recorded at 0.88 million in 2008, which increased to 0.9 million in 2009.

(Source: turkstat.gov)

Employment in services

Employment in Services (‘000)
	2009		2008		2007
Age Group	Male	Female	Male	Female	Male	Female
1-16	111	133	92	92	171	132
17-35	407	322	364	262	510	279
36-39	95	28	76	21	78	17
40	1 444	711	1 420	694	1 391	628
41-49	1 513	495	1 544	488	1 409	437
50-59	1 107	280	1 184	293	1 078	233
60-71	2 080	322	1 968	301	1 995	281
Above 72	1 193	126	1 329	132	1 330	131

(Source: turkstat.gov)

In 2009, 8.12 million males were employed in the services sector as compared to the previous year. The previous year registered an employment of 8.13 million male workforce in the service sector.

(Source: turkstat.gov)

Minimum wage

The minimum wage rate in Turkey is TRY 629.26. This wage rate is a net of tax and social charges for employees aged 16 years and above.

(Source:fedee.com)

Level of unionisation

The trade unions in Turkey include:

·         Confederation of Progressive Trade Unions of Turkey

·         Confederation of Public Workers' Unions

·         Confederation of Turkish Real Trade Unions

·         Confederation of Turkish Trade Unions

The Confederation of Progressive Trade Unions was founded in Istanbul in 1967. The Confederation of Turkish Real Trade Unions was set up at Ankara in 1976 and has about 9-affiliate trade unions. The Confederation of Turkish Trade Unions was established in 1952.

(Source: hakis.org.tr, disk.org.tr, havais.org.tr, turkis.org.tr)

Turkey is a republican parliamentary democracy. The President is the head of country and is chosen by the parliament. The Grand National Assembly of Turkey is the parliament of the country and is unicameral. The parliament is comprised of 550 statutory members, who are directly elected for a term of four years. The Prime Minister is the head of the government, and he maintains the power to dissolve the parliament.

Currently, Abdullah Gul is the President and Recep Tayyip Erdogan is the Prime Minister of the country.

(Source: fco.gov.uk, bbc.co.uk)

The major political parties in the country include:

·            AKP (Justice and Development Party)

·            CHP (Republican People's Party)

·            MHP (National Movement Party)

·            DP (Democrat Party)

·            BDP (Peace and Democracy Party)

(Source: elections.de)

In 2008, the judiciary ruled that the governing party in the country, the AKP, be shut down. The political party was accused of trying to impose Sharia law in the country and affecting the country’s secularism. This incident, termed as the judicial coup d’etat, affected the country’s image as well as its financial markets.

Regulatory environment

Turkey is the 67^th freest economy in 2011 Index of Economic Freedom. Its economic freedom score is 64.2 which is 0.4 point higher than the previous year. Out of the 43 countries in the European region, Turkey is ranked 30^th and its overall score is higher than the world average.

(Source:Heritage.org)

Total population

In 2009, Turkey’s total population was 72,561,312, with an annual growth rate of 14.50%. In 2008, the nation had a population of 71,517,100, with a growth rate of 13.10%.

(Source: turkstat.gov)                                                                                                          

Of the total population in 2009, 36,462,470 were males and 36,098,842 were females. Additonally, the population density of the nation in 2009 was 94.

In 2009, the country had 100.9 males per 100 females, indicating a balanced gender ratio in the country.

(Source: data.un.org)

In 2009, of the total population, 18,859,334 were in the age group 0-14 years; 48,618,564 were in the age group 15-64 years and the remaining 5,083,414 individuals were aged 65 and above. The total age dependency ratio was 49.25; of which the youth dependency ratio was 38.79 and the elderly dependency ratio (age group over 65) was 10.46

(Source: turkstat.gov)

Mortality rate

The infant mortality rate in 2009 was 19 per 1,000 live births. In the same year, the mortality rate for age group below five years was 20 per 1,000 live births. The crude death rate in 2008 was recorded at six deaths per 1,000 people.

(Source: World Bank)

Birth rate

In 2008, the birth rate was recorded at 18 per 1,000 people.

(Source: World Bank)

Life expectancy

In 2010, the life expectancy for males was 71.6 years and for females it was 76.3 years. The median age of the Turkish people is 28.77 years.

(Source: turkstat.gov)

Migration and Urbanisation

The number of international migrants in mid-2010 was 1,411,000 or 1.9% of the total population.

 (Source: data.un.org)

The average urban population growth rate in 2005-2010 was 2%, and the average rural population growth rate was 0.2%. In 2007, 68.2% of the population lived in urban areas.

(Source: data.un.org)

Racial/ethnic environment

Turks are the major ethnic group in the country. Other minority ethnic groups recognised by the Turkish Constitution include Jews, Armenians and Greeks. The country also has individuals belonging to ethnic groups such as Kurds, Circassians and Bosnians.

(Source: fco.gov.uk)

Human development index (HDI)

Turkey is ranked 83^rd out of 169 countries in Human Development Index with a value of 0.679 in 2010. It indicates that the level of human development in the country is moderate. During the same year, the country’s non-income Human development index value was 0.679.

(Source: UNDP)

Education/literacy rate

Of the total population in 2009, the male literate population was recorded at 29,743,015 and female literates were recorded at 27,050,173. Thus thee literacy rate of female population in 2009 was 87.88% as compared to the literacy rate of 86.91% in the previous year.

(Source: turkstat.gov)

Education resources

For the academic year of 2009-10, the number of students enrolled for pre-school (including both private and public) were 980,654. About 26,681 schools were available for pre-school education, with 42,716 teachers. The students enrolled for primary education was recorded at 10,916,643, for which 33,310 schools and 485,677 teachers were available.

(Source: turkstat.gov)

(Source: turkstat.gov)

About 2,420,691 students were enrolled in 2009-10 for high schools, with an availability of 111,896 teachers and 4,067 schools. The enrolments recorded during the academic year of 2009-10 for vocational and technical high schools were 1,819,448, for which 4,846 schools and 94,966 teachers were available. There are about 1,495 higher educational institutions during the academic year 2008-09 with 1,495 schools and 100,504 teachers.

(Source: turkstat.gov)

Healthcare resources

As per 2008 records, the country had about 1,350 hospitals which included 1,171 general hospitals, 5 emergency and traumatology hospitals, 8 child diseases hospitals, 3 dental hospitals, 2 diabetes hospitals, 12 physical treatment and rehabilitation centres, 22 chest diseases hospital, 7 chest and cardiovascular diseases centres, 18 ophthalmology hospitals, 74 obstetric and child hospitals, 5 cardiology hospitals, 3 bone diseases hospitals, 2 lepra hospitals, 2 occupational diseases hospitals, 4 oncology hospitals, 11 psychiatry hospitals and a veneral diseases hospital. A total of 188,065 beds are available for the 1,350 hospitals in the country.

(Source: turkstat.gov)

The nation has about 113,151 physicians including, 56,973 specialist physicians, 35,763 general practitioners, 20,415 medical residents, 99,910 nurses, 47,673 midwifes, 19,959 dentists, 24,778 pharmacists and 83,993 health officers.

(Source: turkstat.gov)

Mass public transit

Cars, buses, trains, planes, ships and ferries are the various means of mass public transport in the country.

Roadways

As of 2008, the total length of provincial roads was 30,712 km, and the length of village roads was 288,013 km.

(Source: turkstat.gov)

Railways

As of 2008, the total length of railways in the country was 8,699 km, of which 1,928 km was electrified lines and 6,771 km were non-electrified lines.

(Source: turkstat.gov)

Ports

(Source: worldportsource.com)

Airports

In 2008, the total passenger numbers in domestic and international flights was registered at 74,968,329 individuals.

(Source: turkstat.gov)

Some of the major airports in Turkey are listed below:

(Source: aircraft-charter-world.com)

Telecommunications networks

(Source: internetworldstats.com)

The number of internet users in 2010 was registered at 35 million, as compared to 10.22 million in 2006. Introduction of mobile broadband services boosted internet usage in the country resulting in a rise in the number of internet users. Currently, about 45% of the population in the country use internet services.

Number of Internet Subscribers

(Source: tk.gov.tr)

The number of mobile broadband subscribers reached about 0.4 million by the end of 2009 due to the authorisation of 3G services in the country.

In 2009, total sales revenues of fixed line and mobile operators reached to TRY 20.5 billion. The share of mobile operators in total revenue was 63% and that of fixed line was 37%.

(Source:tk.gov.tr)

The number of fixed line subscribers in 2009 was 16.53 million, with a penetration rate of 23.1%. The fixed line subscribers reflected a decline of 0.06% as compared to the previous year.

(Source: tk.gov.tr)