The Turkish economy has been expanding for four years, and figures show that it became the 19th largest economy in the world in 2005. It is expected that Turkey will surpass even the likes of Switzerland and take its place as 17th largest economy in the world, reaching a gross national product (GNP) of $382 billion. The Turkish economy, which has seen a period of growth since the economic crisis in 2001, has become the 19th biggest economy in the world, and aims to move up 2 steps to 17th biggest economy in 2006.
According to data obtained from the International Monetary Fund (IMF) and Turkish goals for 2006, the economy started off in 2005 as 21st largest economy and succeeded in becoming 19th as the year came to an end.
Growth of over 5% alongside the increasing value of the New Turkish Lira (YTL ) enabled the rise of the GNP from $302 billion to $359 billion and a further increase reaching $382 billion is envisaged for GNP in 2006.
Leaving Taiwan and Sweden behind in 2005, Turkey is expected to do the same this year with its GNP, this time stepping ahead of Switzerland and Belgium.
66th place in Per Capita Income
While Turkey was 64th in per capita income in 2004 (of $4,256), it took a step back to 67th in 2005, (although showing an increase, at $4,982 per capita). Per capita income is expected to reach $5238 in 2006 – the 5,000$ margin for the first time in history.
53rd place for Inflation
Aiming at an inflation rate below the original goal of 8 per cent in 2005, Turkey went from 31st to 43rd in a classification from highest to lowest inflation rates. Turkey will be 53rd in 2006, as the target rate of inflation is 5%.