+90 212 912 1234 - Address: Mecidiyeköy Yolu Cad. Trump Towers No:12 Kule:1 Kat:18 34387 Şişli / İstanbul

Turkey has undergone a profound economic transformation over the past decade and its economic fundamentals are quite solid. It is the 17th largest economy in the world and the 6th largest economy in Europe, with a GDP of approximately USD 800 billion in 2014.

Living in Turkey

An increasing number of people from various parts of the world are moving to Turkey to start a new life, to work or even to find peace of mind for their retirements.

The country has developed dramatically in the last ten years and the pace of progress in certain fields is nothing short of astonishing.

Most of Turkey’s new residents hail from countries like the UK, Germany, Ireland, Denmark, the Netherlands, Norway, Austria, Belgium, France and the USA.

With its unique geographical location combined with a rich and diverse history, right in the cradle of many different civilizations, Turkey is a privileged place to live for expatriates and their families.

.

FACTORS

Together with stable economic growth, Turkey has also reined in its public finances; the EU-defined general government nominal debt stock fell to 33.5 percent from 67.7 percent between 2003 and 2014. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, during 2003-2014, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.

Economy

When we glance at the city’s economy and working-occupational-professional life, Istanbul generates about 23% of Turkey’s Gross National Product (GNP). Its annual contribution to the state budget is about 40%. On the other hand, the city’s share of government expenditures has remained roughly 7-8%.