Useful Information

TURKEY'S INFO

 

Official Name of Country

Republic of Turkey

Capital City

Ankara

Government

Parliamentary Democracy

Population

77,7 million (2014)

Labor Force (Population)

28.8 million (2014)

Median Age

30.7 (2014)

Official Language

Turkish

President

Recep Tayyip Erdogan

Prime Minister

Binali Yıldırım

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 (14.3 million), Ankara (5,1 million), Izmir (4,1 million), Bursa (2.8 million), Antalya (2.2 million) (2014)

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 (TL)

Financial Center

Istanbul

GDP

USD 800 billion (2014)

GDP Per Capita

USD 10,404 (2014)

Exports Value

USD 158 billion (2014)

Imports Value

USD 242 billion (2014)

Tourism Revenue

USD 34.3 billion (2014)

Tourist Number

41,4 million (2014)

Foreign Direct Investment

USD 12.5 billion (2014)

Number of Companies with Foreign Capital

41.397 (2014)

Inflation Rate

8,17% (CPI-2014)

Major Exports Markets

Germany (9,6%); Iraq (76,9%); UK (6,38%);  Italy (4.5%); France (4.1%); USA (4%); Russia(%3,8); Spain(%3);UAE (3%); Iran (2.5%) (2014)

Major Imports Sources

Russia (10,4%); China (10,3%); Germany (9.2%); USA (5,3%);  Italy (5.%); Iran (4.1%); France (3.2%); South Korea (3,1%); India (2.8%) (2014)

Traffic Flow

 

 

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LIVING IN TURKEY

 

Living in Turkey 

An increasing number of people from various parts of the world are moving to Turkey to start a new life, to work or even to find peace of mind for their retirements.


The country has developed dramatically in the last ten years and the pace of progress in certain fields is nothing short of astonishing.


Most of Turkey’s new residents hail from countries like the UK, Germany, Ireland, Denmark, the Netherlands, Norway, Austria, Belgium, France and the USA.


With its unique geographical location combined with a rich and diverse history, right in the cradle of many different civilizations, Turkey is a privileged place to live for expatriates and their families.

 

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Housing 

From flats in urban centers to villas in suburbs, there are a multitude of options to choose from when looking for housing in Turkey. Major metropolitan areas have the most modern and complete environment for an extravagant life in the city, where luxurious residence complexes offer all the daily amenities such as private security, kindergartens, sports complexes, social facilities, parking lots and shopping malls for their residents.

 Thanks to a recent amendment in Turkey's property law that lifted the reciprocity principle, foreign homebuyers and investors from all over the world are free to purchase property in one of the most promising real estate markets in the world.

Eating and Drinking 

Globally renowned Turkish cuisine owes its fame to the country’s unique geographical location at the crossroads of the continents, enriched by various cultures that form the history of modern Turkey. Every region of Turkey has a cooking style of its own, where one can find the authentic tastes of local delicacies, while major cities of the country have restaurants offering very fine examples of dishes from all over the world.

Specialties like pastries and desserts unique to the Turkish cuisine are all-time favorites for tourists and visitors, meanwhile the Turkish coffee, first introduced to Europe in the 16th century, never ceases to be the finishing touch to any meal, especially when accompanied by another Turkish specialty, the Turkish delight.

 

 

 

Transportation 

The transportation system in Turkey makes good use of the country’s highly developed infrastructure. For urban transportation, the major cities of the country are equipped with extensive rail networks both under and above ground, while public and private buses carry hundreds of thousands daily. In addition to public transport, taxi services are extremely common, offering a low-cost and expedited means of local travel. For coastal towns like Izmir and Istanbul, ferry services offer many travelers a viable choice, being both fast and far reaching.

 For long distance travel, highways are the choice for many, as hundreds of travel agencies run daily bus shuttles to even the farthest towns and cities from major metropolitan centers. Rail is another means of low-cost and widely used transport; the rail network crosses Turkey from east to west. The railways are given special consideration, the network is enlarging and fast-trains enter service yearly.  

The air travel option is becoming cheaper every year, thanks to the development of the Turkish aviation industry and the increasing number of domestic carriers. With a total of around 50 airports in all major population centers, one can fly from one city to another in Turkey in less than an hour, regardless of the distance.

Banking and Finance 

Turkey’s significance on the world finance stage is on the rise. The financial capital of the country, Istanbul, with its rich and vibrant economy, is now slated to become a World Finance Center. The country’s banking industry demonstrated remarkable resilience to the effects of the global financial crisis without any government backing, and Turkish banks are now regarded as the soundest in Europe. With service quality matching and exceeding international standards, Turkish banks are widely acclaimed as being fast integrators of technology into their services. Many foreign banks either operate directly in the country or entered the market via mergers and share acquisitions, providing services in all aspects of banking to individuals and investors alike.

 A wide range of insurance services and products are available for both individuals and corporations with very competitive premium rates.

Education 

The extensive and disciplined education system of Turkey underwent serious reforms in the last decade, like the compulsory eight-year education, improvement of the overall quality of the Turkish education system, as well as the increase in the number of schools and related establishments.

 Many private and foundation schools, in addition to public schools, offer education services; moreover international schools, where only foreign nationals can attend, are present throughout the country. While schools providing education in European

 

languages such as English, German, French and Italian are available, there are other institutions where languages such as Russian, Japanese and Chinese are taught, as well.

Starting in 2012, Turkey is undertaking a revolutionary education initiative, the Fatih Project, which will equip all public school students with tablet PCs and classrooms with electronic boards, increasing the overall quality of primary education in the country, while setting an example for the world in the integration of the latest technologies into education.

Healthcare 

The healthcare system in Turkey mainly operates with three different types of hospitals: public, university and private. While social and health securities are governed in essence by the state, it is also possible to have private health insurance.

 The majority of hospitals in Turkey, both public and private, are either meeting or surpassing international standards in equipment quality and expertise.

Leisure and Sports  

The cultural activities that one can engage in Turkey are only limited by individual interests and capabilities. Be it arts, hobby, entertainment or other leisure activities, the possibilities are countless. In all major cities movies, plays, concerts, ballets, operas and other varieties of cultural activities are awaiting either participants or spectators. Local festivals and more traditional forms of leisure activities are also rising in popularity.

 Turkey’s rich geography and suitable terrain make the country an ideal place for alternative sports such as mountaineering, golf, scuba diving, rafting, skiing and yachting. Naturally, well-established and popular sports like football, basketball, volleyball have a considerable number of players and supporters all over the country.  

Geographically located in both Asia and Europe, Turkey has a climate allowing extreme variations in climatic conditions, often in the same region or province. As such, it is possible to go skiing in a mountain resort after sunbathing on a sandy beach, both in the same day.

 

WHY TURKEY
 

 

WHY TURKEY

 

Luxury shopping malls, historical and cultural heritage, touristic facilities,  world's leading food cultures, religion with modern lifestyle –all that belongs to Turkey, which is the new favorite in the world.Turkey has similar culture with arabic countries which is of a great importance.Turkey has a significant number of foreign universities, colleges and kindergartens and more than 30,000 students from 147 countries that are involved in the transportation, storage, production, communications, education and health areas in various student programs.These are approximately 5.000 students from the Arabic countries among them.

 

İstanbul is  not just a city nowadays,it’s gigantic metropolis, a small country.It has become a brand on its own, one of the most desired cities to live in the world due to many factors such as its geopolitical position, historical heritage, economical state and many more

After the law of reciprocity was adopted in 2012 between Turkey and Eropean and Arabian countries, Turkey has become one of the top 3 countries with the most attractive investment climate in the world, thus bringing sufficent funds to the economy.

 

The country offers,

-Successful economy

-Qualified and competitive work force

-Innovative investment environment

-Population

-Infrastructure

-Central location

-Europe's energy corridor and terminal must be

-Low taxes and incentives

-S banking services

-Internal market

 

WHY REAL ESTATE

The real estate sector overlapping with urban regeneration and qualified investments supported by government brings one of the biggest revenues to the market of Turkey.Comparing to the stock market, gold and the currency that are easily fluctuating, the real estate market is stable in all respects.The real estate prices, comparing to those in the EU are very attractive.Apart from that, Turkey allows a one year residence permit for the foreign property owners, that can be extended to 5 years.

Turkey's economic outlook

 

Economic Outlook 

The Turkish economy has shown remarkable performance with its steady growth over the last decade. A sound macroeconomic strategy in combination with prudent fiscal policies and major structural reforms in effect since 2002 has integrated the Turkish economy into the globalized world, while transforming the country into one of the major recipients of FDI in its region.

 The structural reforms, hastened by Turkey’s EU accession process, have paved the way for comprehensive changes in a number of areas. The main objectives of these efforts were to increase the role of the private sector in the Turkish economy, to enhance the efficiency and resiliency of the financial sector, and to place the social security system on a more solid foundation. As these reforms have strengthened the macroeconomic fundamentals of the country, the economy grew with an average annual real GDP growth rate of 4.7 percent over the period of 2002 to 2014.

 Average Annual Real GDP Growth (%) 2002-2013

 

 Source: OECD, Eurostat and national sources

Moreover, Turkey’s impressive economic performance over the past decade has encouraged experts and international institutions to make confident projections about Turkey’s economic future. For example, according to the OECD, Turkey is expected to be one of the fastest growing economies of the OECD members during 2014-2016, with an annual average growth rate of 3.6 percent.

 

 

 

Annual Average Real GDP Growth (%) Forecast in OECD Countries 2014-2016  

 

 Source: OECD, February 2015

Together with stable economic growth, Turkey has also reined in its public finances; the EU-defined general government nominal debt stock fell to 33.5 percent from 67.7 percent between 2003 and 2014. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, during 2003-2014, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance. 

As the GDP levels increased to USD 800 billion in 2014, up from USD 305 billion in 2003, GDP per capita soared to USD 10,404, up from USD 4,565 in the given period. 

The visible improvements in the Turkish economy have also boosted foreign trade, while exports reached USD 158 billion by the end of 2014, up from USD 47 billion in 2003. Similarly, tourism revenues, which were around USD 14 billion in 2003, exceeded USD 34.3 billion in 2014.  

Significant improvements in such a short period of time have registered Turkey on the world economic scale as an exceptional emerging economy, the 16th largest economy in the world and the 6th largest economy when compared with the EU countries, according to GDP figures (at PPP) in 2013. 

  • Institutionalized economy fueled by USD 144 billion of FDI in the past decade
  • 16th largest economy in the world and 6th largest economy compared with EU countries in 2013 (GDP at PPP, IMF-WEO)
  • Robust economic growth with an average annual real GDP growth of 4.7 percent during 2002-2014
  • GDP reached USD 800 billion in 2014, up from USD 305 billion in 2003

Sound economic policies with a prudent fiscal discipline

Strong financial structure resilient to the global financial crisis

 

 

 

 

 

 

 

 

 

 

                   
MACROECONOMIC INDICATORS

 

Macroeconomic Indicators 

Fiscal discipline and a tight fiscal policy continue to be the main pillars of Turkey's economic program, and both have contributed substantially to disinflation, as well as to the strong growth performance. In addition to its sound macroeconomic policies, Turkey has implemented a comprehensive and far-reaching structural reform agenda. Compared with the experiences of other countries, Turkey's success has been remarkable, primarily on the back of its speed in carrying out structural and institutional changes. Indeed, Turkey has made great progress in restructuring its financial sector, as well as in improving public sector governance and its business environment.

The structural reforms that have been implemented are aimed at:  

  • increasing the role of the private sector in the Turkish economy
  • enhancing the efficiency and resiliency of the finance sector
  • placing the social security system on a more sound basis. 

These reforms have strengthened macroeconomic fundamentals of the Turkish economy.  

Economic Growth 

Sound economic policies combined with vigorous economic reforms have yielded favorable results; the economy has sustained robust economic growth over the last decade. Due to resolutely implemented structural reforms and successful macroeconomic policies, Turkey has become one of the fastest-growing economies in its region.  

Between 2003 and 2013: GDP increased by 180 percent, reaching USD 820 billion

  • Annual average real GDP growth of 4.9 percent
  • Public debt stock decreased from 74 percent of GDP to 36.3 percent of GDP
  • Budget deficit decreased from 10 percent of GDP to 1.2 percent of GDP  

Compound Annual Growth Rate (CAGR) of GDP (%) - Constant Prices

 

 Source: Turkish Statistical Institute (TurkStat) 

 

In the past ten years, the Turkish economy has been one of the fastest-growing emerging economies.  

Average Annual Real GDP Growth (%) 2003-2013  

 

 Source: IMF World Economic Outlook April 2014, Turkish Statistical Institute (TurkStat)

Turkey was the fastest-growing economy in Europe and one of the fastest-growing economies in the world in 2010 and 2011.

 Real GDP Growth (%) 

 

 Source: IMF World Economic Outlook April 2014, Turkish Statistical Institute (TurkStat) 

 

While the Turkish economy has been growing steadily, living standards have increased significantly. GDP per capita increased from the level of USD 4,565 in 2003 to USD 10,782 in 2013.

GDP per Capita – CurrentPrizes(USD)  

                                           

 Source: Turkish Statistical Institute (TurkStat) 

GDP - Current Prices (USD billion)

 

Source: IMF World Economic Outlook, April 2014 and TurkStat

Prudent Fiscal Policy  

Fiscal discipline continues to be the cornerstone of the macroeconomic performance of the Turkish economy.  

Thanks to this prudent fiscal policy, Turkey has reduced its debt stocks, becoming one of the best performers among the European economies in reducing government debt. The general government debt stock ratio has been meeting the EU Maastricht Criteria, 60%, since 2004.

 

 EU-Defined General Government Debt Stock (% of GDP)

 

Source: Undersecretariat of the Treasury  

General Government Debt Stock (% of GDP) 

 

 Source: Undersecretariat of the Treasury and Eurostat 

 EU-Defined General Government Budget Balance (% of GDP) 

 

Source: European Commission's Directorate-General for Economic and Financial Affairs (ECFIN) 

General Government Budget Balance (% of GDP) 

 

Source: European Commission's Directorate-General for Economic and Financial Affairs (ECFIN) and Eurostat