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Economy of Turkey

Turkey or Republic of Turkey is an adjoining pancontinental nation, situated mostly on Anatolia in Western Asia. In the southern region it is connected with Bulgaria and with Greece to the western border. Ankara is the capital of Turkey which is surrounded with thriving industrial and service sectors. The GDP of Turkey in terms of purchasing power parity (PPP) is $1.167 trillion according to the stats of 2013, which is the seventeenth largest when compared to other countries. An aggressive privatization scheme led the administrative personnel has helped the nation big time to diminish the participation of state in basic industry, banking, transport, and communication sector as well. The continuous upsurge in the multiple industrial sectors like automotive, construction and electronics has contributed tremendously to the overall economic growth of the country. Despite being affected by severe financial crisis in the year 2001, the firm and operational economic strategies and reforms of country helped it to get back on normal economic conditions. The notable industries of Turkey comprise textiles, food processing, autos, electronics, mining, construction and many others. Turkey has a calendar year system for handling the annual fiscal affairs.

Imports of Turkey

The approximately calculated import value of Turkey is $242.9 billion as of 2013 that is the 22nd largest when compared to the rest of the nations. The major import commodities of Turkey include manufacturing machinery, chemicals, semi-finished goods, fuels and transport equipment. Russia, Germany, China, United States of America, Italy and Iran are the major import partners of Turkey.

Exports of Turkey

Turkey exports high volume of its products to various nations across the globe courtesy of its stable and well-established current economic growth. The estimated export value of Turkey is $167.6 billion as of 2013 that is 30th largest when compared to the other countries. The major export commodities of Turkey are apparel, textiles, metal manufacturers and transport equipment. Germany, Iraq, Iran, UK, UAE, Russia, Italy and France are the leading export partner of Turkey.

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Capital
Ankara
Dialing Code
+90
Fiscal Year
Calendar Year
Currency
New Turkish Lira (TRY)
GDP
$902,700,000,000
Exports
$133 billion (2011 est.) | Apparel, Foodstuffs, Textiles, Metal Manufactures, Transport Equipment
Imports
$212.2 billion (2011 est.) | Machinery, Chemicals, Semi-finished Goods, Fuels, Transport Equipment
Industries
Textiles, Food Processing, Autos, Electronics, Mining (coal, Chromate, Copper, Boron), Steel, Petroleum, Construction, Lumber, Paper