The Turkish economy, the 14th largest economy in the world and 6th biggest in Europe (in purchasing power parity [PPP] terms), has grown at quite rapid rates, except for the local 2001 crisis and the global crisis that was experienced in late 2008 and 2009. The CAGR (Compound Average Growth Rate) realized was 5% over the last decade, where Turkey grew on average by 7% between 2010 and 2016. The size of the Turkish economy is US$863 billion as of year-end 2016, with a per capita GDP of US$10,883. Turkey is expected to grow above 5% in 2017 who posted the 3rd biggest growth rate in the first half of 2017 following China and India.
Due to its strong fundamentals, demographic structure, and great potentials, foreign direct investment (FDI) inflows to Turkey have been continuing. Including real-estate investments, Turkey attracted USD 14 billion each year on average in the last 10 years where the country experienced approximately US$ 1.7 billion investments from Japan.
Turkey’s alluring potential is highlighted by the expected annual growth of ~4% on average through the next five years. According to PwC estimates, Turkey is forecasted to move up the global league rankings for total GDP to 12th in 2030 and jump one more step above through 2050.With our extensive Network spanning across the entire EAME region, PwC can help you capitalize on this exciting growth opportunity.
PwC Turkey consists of five offices in Istanbul (2), in Ankara, in Bursa and in Izmir, with 1,560 professional staff. PwC Turkey has a Japan Desk and supports business development of Japanese companies with a wide range of services and industrial experiences.
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