| BASIC
INDICATORS |
|
GDP
|
Worth $ 658,786 million (2007)
(sixteenth biggest economy among 30 OECD countries with
respect to GDP) |
|
Growth
rate |
4.5%
(2007, based on real GDP) |
|
|
|
Population |
70,586,256
(as of Dec 31, 2007)
|
|
GDP
per capita
|
|
|
Inflation
rate
|
PPI: 5.9% (Dec 06-Dec 07)
CPI: 8.4% (Dec 06-Dec 07)
|
|
|
|
Central
Bank |
Independent
(since May 2001)
(Main objective is to achieve and maintain price stability.
‘No lending to the Government’ is an important policy
tool)
Click
here to see the Central Bank Law |
|
Foreign
exchange rates |
YTL 1.2388 = $
1
(June 16, 2008)
YTL
1.9113 = €
1
YTL 2.4254 = £
1
Click
here to see the updates
|
|
Foreign
exchange regime |
Floating
Exchange Rate Regime
(Exchange rates are determined
by demand and supply conditions. The Central Bank may
hold auctions and intervene volatility) |
|
Inflation
targeting |
Formal
Inflation Targeting as of 2006
(Main policy tool is short
term interest rates, which are based only on inflation
outlook) |
|
Current
account balance |
$
-37.5 billion (2007)*
|
|
Imports-in
goods (FOB)
|
$
162.0 billion (2007)*
|
|
Exports-in
goods
(FOB)
|
$
115.3 billion (2007)*
|
Imports-in
services |
$
14.8 billion (2007)* |
Exports-in
services |
$
28.7 billion (2007)*
|
|
Foreign
trade balance (in goods & services) |
$
-32.8 billion (2007)*
|
Central
Government revenues |
YTL
189.6 billion (2007)*
|
Central
Government expenditures |
YTL
203.5 billion (2007)*
|
Central
Government balance |
YTL
-13.9 billion (2007)*
|
Central
Government Primary
Surplus |
YTL
34.8 billion (2007)* |
Central
Government deficit |
2.1%
of GNP (2007)*
|
|
Public
Sector Primary Surplus
(IMF Definition) |
3.5%
of GDP (2007)
|
Public
Net Debt Stock |
29.1%
of GDP (2007)* |
Public
Sector Net Debt Stock |
$
183.4 billion (YTL 257.8 billion) (end-2007)* |
Public
Sector External Debt Stock (Gross) |
$
69.2 billion (YTL 97.3 billion) (end-2007)* |
Public
Sector Domestic Debt Stock (Gross) |
$
189.2 billion (YTL 265.9 billion) (end-2007)* |
Central
Government External Debt Stock |
$
67.1 billion (end-2007)*
YTL 78.1 billion
(end-2007)* |
Central
Government Domestic Debt Stock |
$
219.2 billion (end-2007)*
YTL 255.3 billion (end-2007)*
|
|
International
(net) reserves**
|
$
108.2 billion (end-2007)* click here for details
|
|
Central
Bank Interest Rates
|
Borrowing Lending
Overnight 16.75% 20.25%
Late
Liquidity 12.75% 23.25%
|
|
Ratings
(Long Term Foreign Currency) |
Fitch Ratings: BB- (Stable) (May 10, 2007)
Standard&Poors:
BB- (Negative) (Apr 3, 2008)
JCR: BB- (Stable) (
Dec 28, 2007
)
Moody’s: Ba3 (Stable) (Dec 14, 2005) |
|
Ratings
(Long Term YTL) |
Fitch Ratings: BB- (Stable) (May 10, 2007)
Standard&Poors:
BB (Negative) (Apr 3, 2008)
JCR: BB- (Stable) (
Dec 28, 2007
)
Moody’s: Ba3 (Stable) (Dec 14, 2005) |
|
Population
aged 15 and over |
49.2
million (2007)
(about 70% of total population) |
|
Civilian
Labour Force |
23.5
million (2007)
|
|
Civilian
Employment |
21.2
million (2007)
|
Civilian
Unemployment rate |
9.9%
(2007)
|
|
(*) Provisional
(**) International Reserves=Central Bank's "Gross
Reserves + Gold - Overdrafts" + Banks' "Net
Reserves"
(***) $: US Dollar |
