About Republic of Turkey

Official Name of Country Republic of Turkey
Capital City Ankara
Government Parliamentary Democracy
Population 79.8 million (2016)
Labor Force (Population) 30.5 million (2016)
Median Age 31.4 (2016)
Official Language Turkish
President Recep Tayyip Erdoğan
Prime Minister Binali Yildirim
Area 783,562.38 km²
Coordinates 39° 55' North, 32° 50' East
Time Zone GMT +2
Neighboring Countries Bulgaria, Greece, Syria, Iraq, Iran, Azerbaijan, Armenia, Georgia
Major Cities (Population) Istanbul (14.8 million), Ankara (5.3 million), Izmir (4.2 million), Bursa (2.9 million), Antalya (2.3 million) (2016)
Climate Temperate; hot, dry summers with mild, wet winters
Telephone Code +90
Country Code Top-Level Domain .tr
Electricity Voltage 220 V, 50 Hz
Currency Turkish Lira (TRY)
Financial Center Istanbul
GDP USD 863 billion (2016-Current Prices)
GDP Per Capita USD 10,883 (2016)
Exports Value USD 143 billion (2016)
Imports Value USD 199 billion (2016)
Tourism Revenue USD 22.1 billion (2016)
Tourist Number 25.3 million (2016)
Foreign Direct Investment USD 12.3 billion (2016)
Number of Companies with Foreign Capital 52,754 (2016)
Inflation Rate 8.5% (CPI-2016)
Major Exports Markets 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)
Major Imports Sources China (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)
Trade Agreements Customs Union Agreement with the EU

Free 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
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Located at the intersection point of Central Asia, Middle East, Africa and Europe, Turkey reaches to the boundaries of the European Union on one hand, Iraq and Russia on the other hand, while opening out to the entire world through the Mediterranean and Black Sea.

Turkey with its dynamic market successfully integrated into the global economy Turkey is an ‘economy of production’, intending to achieve economic growth by relying on her entrepreneurial power and human resources. Another significant characteristic of the Turkish economy is its ability to perform such activities while being a member of Customs Union and World Trade Organization, i.e. in a competitive market without any protective measures.

Turkey is 13th largest economy in the world and 5th largest economy compared with the EU in 2016 (GDP at PPP, IMF WEO).

The Turkish economy grew at a larger-than-expected 11.1 percent in the third quarter of 2017, according to data released by the Turkish Statistical Institute. The double-digit growth rate saw Turkey become the fastest growing G20 economy in Q3.

The figure is likely to cause an upward revision to Turkey’s overall annual growth forecast of 5.5 percent for this year. The country's GDP growth rate for the first nine months of 2017 was 7.4 percent.


Why invest in Turkey?

 

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Congress Speakers

H.E. Nihat Zeybekci

H.E. Nihat Zeybekci

Minister of Economy of the Republic of Turkey
H.E. Marcel A. De Souza

H.E. Marcel A. De Souza

President of the ECOWAS Commission
H.E. Mr. Kalilou Traore

H.E. Mr. Kalilou Traore

ECOWAS Commissioner for Industry and Private Sector
Mr. Nail Olpak

Mr. Nail Olpak

President of Foreign Economic Relations Board of Turkey (DEIK)

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