Main information about Turkey
| Country name | Republic of Turkey |
|---|---|
| capital | Ankara |
| continent | Asia |
| Area | 783,562 km2 |
| Population(2022) | 85.34 million |
| official language | Turkish |
| currency | Turkish lira |
| Economic indicators (2021-2022) | Turkey USD |
|---|---|
| GDP (billion) | 906 |
| Growth in GDP (%) | 5.6 |
| GDP per capita | 10,616 |
| Unemployment rate (%) | 10 |
| Inflation rate (%) | 72.3 |
| Labor force (million) | 34.4 |
| Export ( billion) | 254.2 |
| Import (billion) | 363.7 |
| Trade balance (billion) | 109.5- |
| Public debt as % of GDP (%) | 31.7 |
| Budget deficit as % of GDP (%) | 0.9- |
| External debt (biilion) | 232.5 |
Source: world Bank
| Year | Foreign Direct Investment million USD |
|---|---|
| 2020 | 7,686 |
| 2021 | 11,840 |
| 2022 | 12,881 |
Source United Nations Conference on Trade and Development (UNCTAD)
International trade between Turkey and Jordan (2020-2022)
| Year | Export Million USD | Import Million USD | Total trade Million USD | Trade balance Million USD |
|---|---|---|---|---|
| 2020 | 585.5 | 94.2 | 679.7 | 491.3 |
| 2021 | 780.8 | 108.3 | 108.3 | 672.5 |
| 2022 | 966.1 | 142.9 | 1,109 | 823.2 |
Source: international trade center (ITC).
| The most critical Turkish exports to Jordan (2022) | Export value million USD |
|---|---|
| machinery and mechanical appliances | 93.1 |
| Knitted or crocheted fabrics | 67.9 |
| Articles of apparel and clothing accessories | 52.2 |
| precious or semi-precious stones | 48.7 |
Source: international trade center (ITC).
| The most critical Turkish import from Jordan (2022) | Import value million USD |
|---|---|
| Inorganic chemicals | 76.1 |
| Fertilisers | 31.2 |
| Lead and articles thereof | 5.1 |
| Aluminium and articles thereof | 4 |
Source: international trade center (ITC).
Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkish's export mix.
Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal.
Turkey is characterized by a diversified industrial sector, especially in textiles, foodstuffs, electrical, automobiles and chemicals. Turkey has many mineral resources such as coal, charcoal, iron, and lead, zinc, copper and silver. Turkey is also one of the largest producers of chromium in the world.
The Turkish economy also recorded a significant recovery during the last period, as growth exceeded expectations in the first quarter of 2023, as it did not grow by 4%, and the gross domestic product increased by 0.3% during the first quarter of 2023 compared to the same period of 2022, as The official domestic announcement for 2022 was approximately 906 million dollar.
Turkey's rapid growth and structural reforms implemented over the past decade and a half have made it a competitive investment destination. Turkey became the 9th most popular FDI destination with 160 projects in total Europe in 2020, and maintained its rank in 2019, with its share increasing In Europe in general, from 3% in 2019 to 3.1% in 2020, despite the negative economic repercussions of the Corona virus pandemic, Turkey ranked second among similar countries in emerging Europe as the most popular destination for foreign direct investment after Poland, with a share of 16 % in 2020, compared to third place in 2019.
The majority of foreign direct investment inflows to Turkey originated from Europe, North America and the Gulf states during the past 17 years, while Asia's share has been on the rise.
Until 2002, total foreign direct investment to Turkey was only 15 billion US dollars, While the country has since attracted about 254.2 billion dollar in foreign direct investment during the period 2002-2023, the number of companies with foreign capital in Turkey at the beginning of 2023 reached 79,564 companies, compared to 5,600 companies in 2022.
Turkey has adopted a series of legislative reforms to facilitate the reception of foreign investment, such as the establishment of the Investment Office of the Presidency of the Republic of Turkey, as part of efforts to attract foreign operators. FDI inflows have improved in light of the development of public-private partnerships for major infrastructure projects, measures to simplify administrative procedures and strengthen intellectual property protection, and structural reforms implemented as part of the EU accession process.The country receives 1% of investments around the world, and Turkey aims to increase this percentage to 1.5% in the coming years.
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