Investment Vision 2011 Series: Turkey
Turkey's economic growth is likely to be among the strongest of the Organisation for Economic Cooperation and Development countries in 2010, supported by financial stability, international investor confidence and a dynamic business sector
-Organisation Economic Cooperation and Development, 2010
Situated in the Balkan region of South Eastern Europe, Turkey is steeped in ancient culture. It is a beautiful country with an interesting and attractive topography as well as an enviable climate. The cost of living remains amongst the lowest in Europe and it is fast becoming a popular property investment choice.
Its geographical position is unique as a gateway into Europe, the Middle East and Central Asia.
A booming economy, Turkey has weathered recent economic storms better than most. GDP rose from USD 230 billion in 2002 to USD 618 billion in 2009, an average annual real GDP increase of 4.3% for the last 7 years (Invest-in-Turkey, 2010). Such admirable performance, in the face of a challenging global economic environment, stems from a strong economic foundation and is expected to continue.
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According to the World Tourism Organization, while the total number of global tourists declined 4.3% in 2009, Turkey managed to secure a 3.3% rise. During 2009 Turkey was the only G-20 country able to increase tourists with the exception of April and July.
Turkey Stat.gov reported more than 32 million people enter Turkey each year for short-term visits and the average per capita expenditure on goods by a tourist is currently $694. During the year 2009, the total tourist revenue for the Republic of Turkey was over $21.1 billion.
Download this free report independently written by our Market Intelligence & Research Unit (MIRU) to find out more about this flourishing region.