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Current account deficits and a currency plunge are the major risks
- Economic upswing in H1 of 2011, driven by low interest rates, public sector spending and large foreign capital inflows
- Inflation has been driven by a weaker lira (which has increased import costs)
- Sector performance: general upswing, but textiles and plastics are still suffering
- Much of the high current account deficit is financed from short-term investment, and adverse investor confidence may trigger a massive withdrawal
- A sudden fall in the lira exchange would make foreign debt service more expensive and lead to more private sector defaults
Real GDP growth (%)
Source: EIU / IMF
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General Information
Capital - Ankara
Government type - Republic
Currency - Turkish Lire (TRY)
Population - 72.6 million
Status - Lower middle income country
(GDP/capita: US-$ 9,719 in 2011)
Main import sources (2010)
- Russia - 11.9%
- Germany - 9.5%
- China - 9.3%
- USA - 6.6%
- Italy - 5.5%
Main export markets (2010)
- Germany - 10.1%
- UK - 6.4%
- Italy - 5.7%
- France - 5.3%
- Iraq - 3.1%
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Date Nov 2011
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