Turkey (country)

D

Energy

In 2003 Turkey produced about 133.6 billion kWh of electricity. About 26.17 per cent of the electricity was generated in hydroelectric facilities, including a large plant on the River Euphrates near Elâzığ. In April 1995 Azerbaijan and Turkey signed an important agreement increasing the Turkish stake to 6.75 per cent in a multi-billion dollar deal to develop Azerbaijan’s oilfields under the Caspian Sea, estimated to hold 3.8 billion barrels of crude oil, to be transported via a pipeline to a Turkish Mediterranean port. In 2002 an agreement was signed with neighbouring Greece to build a 285 km (177 mi) pipeline to supply Greece with gas. In July 2006 the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, the second longest in the world stretching from the Caspian to the Mediterranean, was formally opened at a ceremony in Turkey.

E

Currency and Banking

The monetary unit of Turkey is the New Turkish lira of 100 kuruş (1.44 lire equalled US$1; early 2007), which replaced the Turkish lira from January 2005. The Central Bank of the Republic of Turkey, founded in 1930, is the bank of issue. The country also has a number of state banks concerned with economic development, such as the Agriculture Bank of the Republic of Turkey, founded in 1863, as well as several commercial banks. Turkey’s principal stock exchange is in İstanbul.

F

Commerce and Trade

The cost of Turkey’s yearly imports is usually much higher than earnings from exports; in 2003 imports totalled about US$69,340 million, and exports, US$47,253 million. The principal imports are oil, machinery, chemicals and pharmaceuticals, fertilizer, iron and steel, and transport equipment; the main exports are textiles, clothing, other manufactured goods, fruits and vegetables, cotton, chemicals, metals, tobacco, and wheat.

Considerable income is derived from expenditures of tourists in Turkey; in 2005 over 20.3 million foreigners spent US$2,872 million in the country. Turkey’s chief trade partners include Germany, Italy, France, the United Kingdom, Saudi Arabia, the Commonwealth of Independent States, and the United States. In March 1995 the EU agreed to accept Turkey into a customs union.

G

Labour

The domestic Turkish workforce included in 2005 about 26.6 million employed, with overall unemployment at 10.3 per cent. About 30 per cent were employed in agriculture, forestry, and fishing; about 46 per cent held jobs in service industries; and 25 per cent worked in industry. In addition, some 1.3 million Turkish citizens are employed abroad, especially in Germany and Saudi Arabia; annual remittances from emigrant workers exceeded US$2.6 million in 1994. The main labour organization was the Confederation of Turkish Trade Unions, with more than 1.7 million members.

H

Transport

Turkey has about 8,697 km (5,404 mi) of railway track, all operated by the Turkish Republic State Railways. The country is also served by some 354,421 km (220,227 mi) of roads. About 3 million passenger cars, 688,000 lorries, and 87,000 buses were in use in the early 1990s. In 2003 there was a ratio of 90 vehicles per 1,000 people. The leading ports of Turkey are İstanbul and İzmir; other important ports include Trabzon, Giresun, Samsun, and Zonguldak, on the Black Sea, and İskenderun and Mersin in the south. The national airline, Turkish Airlines, provides domestic and foreign service; major international airports serve İstanbul (Atatürk), Ankara (Esenboga), Adana, Antalya, and İzmir (Adnan Menderes).