Diplomatic representation in the US: chief of mission: Ambassador Nabi SENSOY chancery: 2525 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 612-6700 FAX: [1] (202) 612-6744 consulate(s) general: Chicago, Houston, Los Angeles, New York
Diplomatic representation from the US: chief of mission: Ambassador Ross WILSON embassy: 110 Ataturk Boulevard, Kavaklidere, 06100 Ankara mailing address: PSC 93, Box 5000, APO AE 09823 telephone: [90] (312) 455-5555 FAX: [90] (312) 467-0019 consulate(s) general: Istanbul consulate(s): Adana; note - there is a Consular Agent in Izmir
Flag description:
red with a vertical white crescent (the closed portion is toward
the hoist side) and white five-pointed star centered just outside
the crescent opening
Economy Turkey
Economy - overview:
Turkey's dynamic economy is a complex mix of modern industry and
commerce along with a traditional agriculture sector that still
accounts for more than 35% of employment. It has a strong and
rapidly growing private sector, yet the state still plays a major
role in basic industry, banking, transport, and communication. The
largest industrial sector is textiles and clothing, which accounts
for one-third of industrial employment; it faces stiff competition
in international markets with the end of the global quota system.
However, other sectors, notably the automotive and electronics
industries, are rising in importance within Turkey's export mix.
Real GNP growth has exceeded 6% in many years, but this strong
expansion has been interrupted by sharp declines in output in 1994,
1999, and 2001. The economy is turning around with the
implementation of economic reforms, and 2004 GDP growth reached 9%.
Inflation fell to 7.7% in 2005 - a 30-year low. Despite the strong
economic gains in 2002-05, which were largely due to renewed
investor interest in emerging markets, IMF backing, and tighter
fiscal policy, the economy is still burdened by a high current
account deficit and high debt. The public sector fiscal deficit
exceeds 6% of GDP - due in large part to high interest payments,
which accounted for about 37% of central government spending in
2004. Prior to 2005, foreign direct investment (FDI) in Turkey
averaged less than $1 billion annually, but further economic and
judicial reforms and prospective EU membership are expected to boost
FDI. Privatization sales are currently approaching $21 billion.
GDP (purchasing power parity):
$584.5 billion (2005 est.)
GDP (official exchange rate):
$332.5 billion (2005 est.)
GDP - real growth rate:
7.4% (2005 est.)
GDP - per capita (PPP):
$8,400 (2005 est.)
GDP - composition by sector: agriculture: 11.7% industry: 29.8% services: 58.5% (2005 est.)