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Turkey-Economy





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Turkey Index

Gross Domestic Product (GDP): US$312.4 billion in 1993 (US$5,000 per capita). Economy gradually being liberalized and industrialized; real growth averaged 7.3 percent in 1993.

Agriculture: Less than 15 percent of GDP in 1993 but remains crucial sector of the economy, providing more than 50 percent of employment, most raw materials for industry, and 15 percent of exports. Wheat and barley main crops; cotton, sugar beets, hazelnuts, and tobacco major cash crops. Livestock production extensive and growing. Valuable forest areas poorly managed; fisheries underdeveloped.

Industry: Major growth sector contributing more than 30 percent of GDP in 1993, employing 33 percent of labor force. Food processing and textiles major industries; basic metals, chemicals, and petrochemicals well established.

Imports: US$29.4 billion in 1993. Main imports included machinery and equipment, 60 percent; petroleum, 8.5 percent; and foodstuffs, 4 percent.

Exports: US$15.3 billion in 1993, consisting of manufactured goods (mainly textiles and processed leather products), 70 percent; foodstuffs, 20 percent; mineral products, 4 percent.

Major Trading Partners: Industrialized countries, especially members of European Union, United States, Russia, and Saudi Arabia.

Balance of Payments: In 1993-94 Turkey experienced its fourth major balance of payments crisis in last forty years. Domestic fiscal policy and International Monetary Fund (IMF) helped reduce imports in 1994. Trade deficit was US$4.8 billion in 1994. Soaring imports during first seven months of 1995 pushed trade deficit up to US$6 billion.

General Economic Conditions: In 1995 economy grew during first nine months; inflation became more severe. December 1995 elections important for fiscal stability.

Currency and Exchange Rate: 1 Turkish lira (TL) = 100 kurus; (August 31, 1995) US$1.00 = TL47,963.00.

Data as of January 1995











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