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||1998 - 2015
Turkey has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009 (-4.8 percent), but it rebounded to around a year later, as exports returned to normal levels following the recession. However, Turkey's high current account deficit, domestic political uncertainty, and turmoil within its neighbors are the biggest obstacles to growth. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by gross fixed capital formation (22 percent) and government expenditure (15 percent). Exports of goods and services account for 27 percent of GDP while imports account for 32 percent, subtracting 5 percent of total GDP. This page provides the latest reported value for - Turkey GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for - Turkey GDP Growth Rate - was last refreshed on Wednesday, November 25, 2015.