World Grain - March 2016 - 22

COUNTRY FOCUS

Focus on Turkey
Country is a major flour exporter in a
region in turmoil
by Chris Lyddon

Turkey, between Europe and the Middle East, is an important
grain processor which has carved out a major role supplying
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the turmoil in neighboring countries, Turkey's grains sector has
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reportedly faced pressures from Russian port authorities since
the event, international companies have continued operations as
normal and have been loading their vessels
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TURKEY
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"Turkey may turn to importing a greater
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commitments slightly sluggish and down on
the same point last year, an opportunity to ship more to
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RUSSIA

GEORGIA
ARMENIA

CYPRUS

SYRIA

LEBANON
ISRAEL

IRAQ

JORDAN

EGYPT

SAUDI ARABIA

Key Facts
Capital: Ankara
Population: 79,414,269 (July 2015 est.)
Religions: Muslim 99.8% (mostly Sunni), other 0.2%
(mostly Christians and Jews).
Location: 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.
Government: Republican parliamentary democracy. Chief
of state: President Recep Tayyip Erdogan (since Aug. 10,
2014); head of government: Prime Minister Ahmet Davutoglu (since Aug. 28, 2014).
Economy: Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its
traditional agriculture sector still accounts for about 25%
of employment. An aggressive privatization program has
reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middleclass entrepreneurs is adding dynamism to the economy and
expanding production beyond the traditional textiles and
clothing sectors. After Turkey experienced a severe financial
crisis in 2001, Ankara adopted financial and fiscal reforms
as part of an IMF program. The reforms strengthened the
country's economic fundamentals and ushered in an era
of strong growth averaging more than 6% annually until
2008. Global economic conditions and tighter fiscal policy
caused GDP to contract in 2009, but Turkey's well-regulated
financial markets and banking system helped the country
weather the global financial crisis, and GDP rebounded
strongly to around 9% in 2010-11, as exports returned to
normal levels following the recession. Two rating agencies
upgraded Turkey's debt to investment grade in 2012 and
2013, and Turkey's public sector debt to GDP ratio fell to
33% in 2014. The stock value of Foreign Direct Investment
reached nearly $195 billion at year-end 2014. Despite these
positive trends, GDP growth dropped to 4.4% in 2013 and
2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both
domestically and in Europe, Turkey's most important export
market. The Turkish economy retains significant weaknesses.
Specifically, Turkey's relatively high current account deficit,
uncertain commitment to structural reform, and turmoil
within Turkey's neighborhood leave the economy vulnerable
to destabilizing shifts in investor confidence.
GDP per capita: $20,500 (2015 est.); inflation: 7.5%
(2015 est.); unemployment: 10.4% (2015 est.).
Currency: Turkish liras (TRY): 2.94 liras equal 1 U.S. dollar
(Feb. 22, 2016).
Exports: $153.6 billion (2015 est.): apparel, foodstuffs,
textiles, metal manufactures, transport equipment.
Imports: $204.3 billion (2015 est.): machinery, chemicals,
semi-finished goods, fuels, transport equipment.
Major crops/agricultural products: Tobacco, cotton,
grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock.
Agriculture: 8.1% of GDP and 25.5% of the labor force.
Internet: Code: .tr; 36.6 million users.
Source: CIA World Factbook

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