Focus on Turkey

Focus On Turkey

Turkey has the 18th largest economy in the world according to the World Bank. GDP growth is projected to increase from 3% in 2015 to above 4% in 2017, thanks in part to a good reputation for producing consumer goods, and the country is increasingly looking towards white goods and products with higher ticket prices to drive further economic growth.

Turkey is classified as an emerging market economy, and is currently one of the world's biggest producers of agricultural products, textiles, motor vehicles, ships, construction materials, consumer electronics, and home appliances. However, July’s coup d'état in Ankara, Istanbul, and elsewhere has only increased political instability, and doing business in the country comes with notable risks.

In 2011, Turkey had the world’s 15th largest GDP-PPP and 18th largest Nominal GDP. By 2050, this nominal GDP is set to grow to $4.45 trillion USD, becoming the 14th largest in the world.

According to Forbes in 2015, Istanbul, Turkey’s most populous city and the country's economic, cultural, and historic center, had the eighth most billionaires of any city in the world. In total the city was home to a total of 28, behind New York (78), Moscow (68), Hong Kong (64), London (46), Beijing (45), Mumbai (33), and Seoul (29). A 2016 list by Forbes ranking the top 25 countries with the most billionaires had Turkey in at number 14 with a population of 30.

Turkey is currently the UK's 10th largest European export market, and the Department for International Trade puts the top UK exports to Turkey as being:
• Machinery
• Mechanical appliances
• Pharmaceuticals
• Vehicles
• Iron and steel
• Plastics