Turkish Press - Daily news
Tuesday, September 17, 2019



Turkish Economy in Figures

Turkey seems to seize the stability in 2003 after negative impacts of the war in Iraq has begun diminishing.

Under the ongoing economic program, the inflation rate is expected to become 19 percent and the growth rate is expected to be 6 percent at the and of 2003.


The inflation has begun decreasing from the first months of the year. The decrease in inflation rates has continued throughout the year.

The annual inflation, which was 32.6 percent in wholesale prices at the beginning of the year, reduced to 16.2 percent in November of 2003.

The annual increase in consumer prices decreased from 26.4 percent in the beginning of the year to 19.3 percent in November.

In 2002, annual inflation was 30.8 percent in wholesale prices and 29.7 percent in consumer prices.


The Turkish economy, which has re-entered a growth process in 2002, grew by 5.2 percent in the first nine months of 2003.

In the third three-month period including July, August and September, the growth rate became 4.9 percent over to the same period last year.

According to the State Institute of Statistics, the gross national product became 108 quadrillion 383 trillion 823 billion Turkish liras (TL) in the third three-month period in current prices and became 39 trillion 329 billion TL in the fixed prices of 1987.

In 2002, the growth rate was 7.8 percent.


The industrial production increased by 12.3 percent in October and by 8.9 percent in the January-October period of the year.

According to the ten-month results, production rose by 9.5 percent in manufacturing sector and by 8.7 percent in electricity, gas and water sector while it decreased by 4.8 percent in mining sector.

In 2002, industrial production dropped by 9.5 percent in mining sector while it rose by 10.6 percent in manufacturing sector and by 5.4 percent in electricity, gas and water sector.


In the consolidated budget for the year 2003, budget deficit became 33 quadrillion TL in the January-November period.

In the first eleven months, budget spending were 121.7 quadrillion TL and budget revenues were 88.7 quadrillion TL.

Non-interest surplus became 2/ quadrillion 187 trillion TL in the same period.

In 2002, budget revenues were 76 quadrillion 400.5 trillion TL, budget spending were 115 quadrillion 485.6 trillion TL and budget deficit was 39 quadrillion 85.2 trillion TL.


In the first nine months of 2003, exports increased to 33.6 billion U.S. dollars while imports decreased to 48.9 billion U.S. dollars. Meanwhile, the foreign trade deficit became 15.4 billion U.S. dollars, and the rate of exports meeting imports decreased to 68.5 percent.

According to data of the exporters' associations, exports rose to 43 billion U.S. dollars in the January-November period of 2003.

In 2002, exports were 35.1 billion U.S. dollars and imports were 50.8 billion U.S. dollars. The foreign trade deficit was 15.7 billion U.S. dollars, and the rate of exports meeting imports was 69 percent.


According to the balance of payments announced by the Central Bank, the current account recorded a deficit of 4 billion 34 million U.S. dollars in the January-September period of 2003.

In the same period last year, the deficit was 416 million U.S. dollars.

As of end-2002, the current account recorded a deficit of 1 billion 789 million U.S. dollars.


The international reserves of Turkey comprising gold reserves and foreign exchange reserves of the Central Bank, commercial banks and private finance organizations increased 17.5 percent from 38.9 billion U.S. dollars in 2002 to 45.7 billion U.S. dollars as of November of 2003.
Meanwhile, foreign exchange reserves of the Central Bank rose 19.5 percent to 31.9 billion U.S. dollars as of December 12, 2003.

Foreign exchange reserves of the Central Bank were 26.7 billion U.S. dollars in 2002.


The domestic debt stock which was 149.9 quadrillion TL in 2002, increased 20.5 percent to 180.2 quadrillion TL as of end-October 2003.

The average composite interest rate in domestic borrowing decreased from 63.8 percent in 2002 to 48.7 percent in the first ten months of 2003.

The Treasury borrowed 67.4 quadrillion TL through its auctions in the January-October period of the year. This amount was 67.8 quadrillion TL in 2002.


The external debt stock which was 131.2 billion U.S. dollars in 2002, rose to 137.9 billion U.S. dollars as of end-June 2003.

The part of 121 billion 134 million U.S. dollars is comprised of medium and long-term debts while the remaining part of 16 billion 736 million U.S. dollars is comprised of short-term debts.

Turkey has repaid 14.9 billion U.S. dollars since the beginning of the year.

The Central Bank data show that the Treasury repaid 11 billion 203.4 million U.S. dollars; the Central Bank repaid 316 million U.S. dollars, and the administrations with general and consolidated budget paid the remaining 2 billion 481.7 million U.S. dollars. The International Monetary Fund (IMF) was repaid 2 billion 481.7 thousand U.S. dollars.

In 2002, Turkey repaid 17 billion 365 million U.S. dollars in external debt.


As of December 5, 2003, total deposits at banks increased 8.8 percent from 135 quadrillion 568.2 trillion TL in 2002 to 147 quadrillion 495.8 trillion TL.

The credit volume in the banking system broadened by 40.6 percent. The credit volume, which was 39 quadrillion 469.4 trillion TL in 2002, rose to 55 quadrillion 478.2 trillion TL as of December 5, 2003.


A privatization of nearly 4 billion U.S. dollars was envisaged for the year 2003. However, sale/transfer/tender worth of the tenders became 726 million 938 thousand U.S. dollars as of December 15, 2003.




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