Facts About Trade Between UK and Turkey

According to World Bank 2017 country report Turkey has 18 th largest economy in the world and 6 th biggest economy in EU territory with 80.3 Million Population, 850.7 Billion US$ GDP, 10, 592 US$ GDP per capita and 75.4 Years Life Expectancy at Birth (2017)

“Turkey’s performance since 2000 has been impressive. Macroeconomic and fiscal stability were at the heart of its performance, enabling increased employment and incomes and making Turkey an upper-middle-income country. Poverty incidence more than halved over 2002-15, and extreme poverty fell even faster. During this time, Turkey urbanized dramatically, opened to foreign trade and finance, harmonized many laws and regulations with European Union (EU) standards, and greatly expanded access to public services. It also recovered well from the global crisis of 2008/09.” (1)

Near with the overall picture above some of spesific strengths of Turkish economy which are defined at United Kingdom Govenments site are listed below also.

  • Strong Gross Domestic Product (GDP) growth with an average of 4% between 2002 and 2012
  • Having the youngest and fastest growing population in Europe (700,000 graduates per year)
  • Istanbul and Ankara being among the biggest cities in the world in terms of GDP
  • a forecast to be the second fastest growing country in the world by 2018 according to the OECD
  • Investments of more than USD 60 billion in the transport, maritime and communications sectors in the last 10 years
  • Access to 1.5 billion customers in Europe, Eurasia, the Middle East and North Africa and to markets with a total USD25 trillion GDP within 4 hours flight. (2)

  • And the mentioned strength of Turkish economy supports the growth in terms of different branch of business also. According to United State Govenments Web Site some of the indicative parameters and statements that support this fact are;

  • Turkey is one of the fastest growing energy markets in the world. The total amount of investments to be made to meet the energy demand in Turkey over the next 10 years is estimated around USD 130 billion.
  • Turkey is also playing an increasingly important role in the transit of oil and gas supplies.
  • Turkey ranks 1st in the world in terms of growth rate in wind energy plants and only 15% of its potential has been utilized up until now. Turkey aims to increase the ratio of its renewable energy resources to 30% of its total energy production by 2023 from the current 20%.
  • Turkey’s tourism sector is one of the biggest in the world... Istanbul is the 6th most visited city in the world and 3rd mostly visited city of Europe, after London and Paris.
  • UK is among the top three sources of tourists to Turkey with over 2.4 million visitors last year. 32,000 Britons own property in Turkey.
  • Turkey is the 8th largest textile and 7th largest clothing exporter in the world by 2011. Turkish companies manufacture the garments of many world renowned retailers, including Adidas, Esprit, Tommy Hilfiger, Gap, Marks & Spencer, Next, Burberry, Banana Republic, H&M and Diesel. Turkey is also the 3rd biggest producer of footwear in Europe. (Tr ayyak sanay der bsk cetin)
  • According to the leading international industry magazine “ENR Engineering News Record”, with 33 companies among the top 225 contracting companies, Turkey ranked as the second country in the world in 2012 after China.
  • Turkey has huge growth potential in the real estate sector. According to the 2012 publication of “Emerging Trends in Real Estate Europe”, prepared by PwC and ULI, Istanbul is the most attractive investment market in Europe in the “Existing Property Performance”, “New Property Acquisitions”, and “Development Prospects” categories.
  • Turkey is the largest commercial vehicle and second largest bus manufacturer of Europe and the 16th biggest motor vehicle producer of the world. In 2012, 1.1 million vehicles were produced in Turkey, 66% of which were exported.
  • Turkey has risen to become Europe’s largest home appliances manufacturer.
  • Turkey is the number one TV manufacturer in Europe. Turkey’s Vestel and Beko account for over half of all TV sets manufactured in Europe.
  • The Turkish ICT sector is a fast growing sector with an annual growth rate of 14% between 2005 and 2010. According to Business Monitor International predictions, Turkey will be the highest growing IT market in the period between 2009 and 2014.
  • Supported by a young and tech-savvy population and over 20 million internet users, Turkey’s e-commerce market is set to grow exponentially. The $17 billion e-commerce volume registered in 2012 is expected to rise at an annual rate of 123% over the next 3 years to reach $140 billion.
  • Of some 68 million mobile phones registered in the country, 58%feature the 3G technology – almost twice as many as on European average.
  • Turkey is one of the leading countries in the world in agriculture and related industries. Turkey is the world’s 7th largest producer of fruits and vegetables, Europe’s largest and the world’s 3rd largest frozen fruit exporter and has the largest milk and dairy production in its region.
  • Turkey is Europe’s 2nd largest iron and steel maker and the world’s leading producer of construction iron.
  • Turkey is the world’s 4th largest mega-yacht manufacturer and 5th largest shipbuilding country(3)

  • References: