Average GNP growth rate : 6.9 %. Very successfull performance for the economy for the last 5 years.
Turkey ranked 15th largest economy of the world and 6th largest compared to EU 27 in 2007.
Turkey showed very succesfull performance in all important macro indicators such as unemployment and inflation.
Very similar to Spain; FDI and Tourism revenues are vital for the economy.
Export revenues are increasing but high current account deficit is major problem.
GNP BY SECTORS
Automotive, textile-clothing, electronics, food, iron-steel and chemicals are the main industry divisions.
Agricultural production is still very important and competitive.
Turkey has almost all natural mineral resources except oil and gas.
City of İstanbul and Marmara region are the main contributor to the GNP.
TURKISH CONTRACTING SECTOR
Turkish contracting sector operating abroad enhanced their activities in 2006 and 2007. Total amount of the projects undertaken by the Turkish companies reached 12,7 and 15 billion $ in these years respectively.
There are 18 Turkish Construction companies in the ENR Top 225 International Contractors 2007 list. Leading Turkish contractors ; ENKA, GAMA, TEKFEN, YUKSEL, BAYTUR are the front runners in the ENR list.
PRIVATIZATION IMPLEMENTATIONS (Billion $)
From 1985 to the end of 2002 ; 8.1 billion $ revenue was realized from the privatization. After 2002 there is significant succes in privatization process of the state companies. In 2005, Turkey reached its maximum with revenue of 8.2 billion $ from privatization. Between 2003-2007, gross revenue was recorded 22 billion $.
FDI INFLOWS (Billion $)
Turkey is the 13th highest FDI inflow in the world and 3rd among the emerging countries in 2006.
At the end of 2007 cumulative FDI in Turkey reached 70 billion $.
52 billion of total has been realized for the last 3 years.
Trade, manufacturing, real estate, telecomunication, construction and tourism are the main areas that FDI in Turkey concentrated.
COMPETITIVE ECONOMIC STRUCTURE World Economic Forum Global Competitiveness Report 2006-2007
TURKEY-SPAIN TRADE AND ECONOMIC RELATIONS
EMBASSY OF THE REPUBLIC OF TURKEY
Office of the Commercial Counsellor
IMPORTANT FACTS
Spain is the member of the E.U., there is Custums Union between Turkey and E.U. (Free circulation of goods between Turkey and E.U./Spain.)
Spanish Government supports Turkey’s full membership to the E.U.
Alliance of Civilization Project
Strategic Partnership
Expansion of trade and economic relations in a short term period.
Spanish Government identified Turkey as one of the “target emerging market” for Spanish investors and companies. A strategic plan was prepared for Turkey. Similar plans also exist for India, China, Brazil etc.
Borusan’s Investment in Spain : Investment of Turkish companies in Spain is very weak. On the other hand some Turkish companies have export offices in Spain.
Asociacion Foro Empresarial Hispano Turco was founded in 2007 by several Spanish and Turkish Businessmen in Madrid.
Mapfre’s Investment in Turkey : Total investments of Spanish companies in Turkey has reached aprox. 1 billion Euro in 2007.
Spanish investments in Turkey are mainly on trade, finance, tourism, cement production, real estate sectors.
La Caixa, Bank Sabadel have opened branch offices in İstanbul.
