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   Turkey

 

Turkey is geographically bridging Europe and Asia and is divided into seven regions - the Black Sea region, the Marmara region, the Aegean, the Mediterranean, Central Anatolia, the East Anatolian and Southeast Anatolia regions. Turkey is located in Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syria.

 

Fact sheet:

 

Country Name

 Turkish republic

Location

 South Western Asia

Territory 

 779.452 km2

Population

 70,85 million

Unemployment

 10,3 %  (2005)

GDP growth

 7,6 %  (2005)

Average gross monthly
salary

   1595 EUR (2005)

Social security paid by employer

 21,5 %

Capital City

 Ankara

Currency:

 Lira (TRY)
 January 2007
 1 USD =  1,43 TRY         1 EUR = 1,88 TRY

International Telephone
Calling Code:

 + 90

Electricity:

  230V, 50 Hz

Time zone

 Central European Time (GMT - 2, GMT -3)

Climate

 Mediteranian, Mild Contimental

 

Economy:

Prominent results have been achieved in production due to determinant macroeconomic policy implementations based on tight fiscal and monetary policy, with continuously growing real GDP throughout the past four years. In 2002-2005 period real GDP grew by 33.6 percent on a cumulative basis and 7.5 percent on average, making the Turkish economy one of the fastest growing economies in the world. After the historical levels recorded in 2004, GDP and GNP rose by 7.4 and 7.6 percent respectively in 2005, which were far beyond the targets and forecasts. Moreover, Turkey's per capita GDP has risen above 5,000 dollar in 2005 for the first time ever.

Inflation declined from 70 percent levels on average in the last decade to single digits is equally striking. This was achieved against a background of strong growth and the record level of global energy prices. Annual inflation was realized as 7.72 percent in CPI and 2.66 percent in PPI in 2005. Annual CPI inflation was below the inflation target in 2005, as it was the case in the 2002-2004 period. Moreover, inflation expectations, which have an important role in struggling with inflation, improved and confidence climate strengthened.

 

Investment:

Foreign direct investment inflows which averaged around 1 billion dollars in the past increased to 9.6 billion dollars last year thanks to acquisitions in private sector, progress in privatization and acceleration in Greenfield investments. It is expected that this increasing trend will continue in coming years as Turkey fosters her efforts to improve investment environment and makes headway in EU accession.

 

Turkey has a young and dynamic population of 73.4 million. 94 % of its population is below the age of 65. The annual population growth reached 1,24% in 2006.  Total labor force in Turkey in 2005 is about 25 million. The unemployment rate has decreased to 10.2 %. The employment figures show that 51 % of the employment total is in the Services sector, 30 % in the Agriculture sector and 19 % in the Industry sector. 

In Turkey, 10.2 % of the total labor force has a University degree; 20 % has a High School diploma; 63.2 % has an education level below High School level.

 

Government Subsidies for Investments

  • Exemption From Customs Duties and Fund Levies

  • Value Added Tax Exemption

  • Credit Allocation From the Budget

     
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