Turkish economy, trade shows impressive performance

TURKEY has shown impressive economic performance over the last decade. Macroeconomic and fiscal stability were at the heart of this performance, enabling increased employment and income and making Turkey an upper-middle-income country. Turkish economy grew by 4 % and its GDP exceeded $720 billion in 2015. Turkey has been ranked as 8th largest economy in Europe and 18th largest economy in the world. Turkish economy is expected to maintain its economic growth in the following years. One of the main objectives of Turkish economy is to become one of the top ten world economies until 2023. Turkey has witnessed around 10 % increase in its foreign trade volume between 2000 and 2015 despite the negative developments in the global economy. In 2015, Turkey realized $144 billion worth of exports while imports lowered to around 207 billion. As for the trade between Turkey and Saudi Arabia, the volume reached almost $6.5 billion in 2015. Considering the huge potential between Turkey and Saudi Arabia, the trade volume can be expected to increase further in the medium and long term. Turkish-Saudi Coordination Council will also act as a step to strengthen economic and trade relations between Turkey and Saudi Arabia. Turkey is looking forward to realize huge economic potential with Saudi Arabia with the help of new diagnoses through the new perspectives given by the Saudi Arabia’s Vision of 2030 and Turkey’s intentions for more knowledge based economy.