A view of Levent business district in Istanbul, 2013Skyline of Maslak business district in Istanbul, 2014
Historically, Istanbul has been the center of the country's economic life because of its location as an international junction of land and sea trade routes. In 2012 the City of Istanbul had a GDP of $245.2 billion.[1]
In 2008, companies based in Istanbul made exports worth $41,397,000,000 and imports worth $69,883,000,000; which corresponded to 56.6% and 60.2% of Turkey's exports and imports, respectively, in that year.[2] In 2006 Turkey's exports grew a further +16.1% while imports grew +17.6% because of a rising demand of energy resources and raw materials by the industrial manufacturers in the country.[3]
According to Forbes magazine, Istanbul had a total of 37 billionaires in 2013, ranking 5th in the world behind Moscow (84 billionaires), New York City (62 billionaires), Hong Kong (43 billionaires) and London (43 billionaires).[4]
Income distribution is not evenly distributed in Istanbul, such that 20% of the highest income group uses 64% of the resources and 20% of the lowest income group uses 4% of the resources (based on 1994 statistics).[5]
The Bosphorus Bridge (1973) is the oldest of the three suspension bridges and two undersea tunnels which connect Istanbul's European and Asian sides
The change in Istanbul's living standards is a direct reflection of the nation's statistics as the 27.5% share of the total consumption in Turkey is performed by the population of Istanbul.
In the late 1990s, the economy of Turkey, and Istanbul in particular, suffered several major depressions. The Asian financial crisis between July 1997 and the beginning of 1998, as well as the crisis in Russia between August 1998 and the middle of 1999 had negative effects in all areas of the economy, particularly on exports. Following this setback, a slow reorganization of the economy of Istanbul was observed in 1999.
The major earthquake which was epicentered in nearby Kocaeli on 17 August 1999, triggered one of the largest economic shocks for the city. Apart from the capital and human losses caused by the disaster, a decrease in GDP of approximately two percent occurred. Despite these downturns, Istanbul's economy has strongly improved and recovered in following years.
Istanbul was hit hard by the 2018 Turkish currency and debt crisis. As of August 2018, almost one-third of office space in Turkey's commercial capital of Istanbul lies vacant, and office rental prices across all segments have fallen sharply.[6]
Bankalar Caddesi (Banks Street), historically named "Voyvoda Yolu" (Voivode Road) as mentioned in the 17th century Seyahatnâme of Evliya Çelebi, was Istanbul's financial centre during the Ottoman period. Completed in 1892, the Ottoman Bank headquarters is seen at left.
Istanbul has always been the "financial capital" of Turkey, even after Ankara became the new political capital in 1923. The opening of specific markets in the city during the 1980s further strengthened this status. Inaugurated at the beginning of 1986, the Istanbul Stock Exchange (ISE) is the sole securities market of Turkey, established to provide trading in equities, right coupons, Government bonds, Treasury bills, revenue sharing certificates, bonds issued by the Privatization Administration and corporate bonds, and to carry out overnight transactions.[8]
In 1993 the ISE decided on gold market liberalization, and in 1995 the Istanbul Gold Exchange was established, which ended the gold bullion imports monopoly of the Turkish Central Bank and transferred it to the private sector members of the gold exchange.[9]
Istanbul is the "industrial center" of Turkey. It employs approximately 20% of Turkey's industrial labor and contributes 38% of Turkey's industrial workspace. In addition, the city generates 55% of Turkey's trade and 45% of the country's wholesale trade, and generates 21.2% of Turkey's gross national product. Istanbul contributes 40% of all taxes collected in Turkey and produces 27.5% of Turkey's national product.[citation needed]
Many of Turkey's major manufacturing plants are located in the city. Istanbul and its surrounding province produce cotton, fruit, olive oil, silk, and tobacco. Food processing, textile production, oil products, rubber, metal ware, leather, chemicals, electronics, glass, machinery, paper and paper products, and alcoholic drinks are among the city's major industrial products. The city also has plants that assemble automobiles and trucks. Difficulties in the proximity of some of these varied business have been encountered in the past, such as the 2008 Istanbul fireworks explosion which was exacerbated by the close proximity of a paint factory.[citation needed]
To give enhancement to the textile industry the Istanbul Exporters Union, and textiles and clothing (ITKIB) was created in 1986, by the Secretariat for Foreign Trade, to facilitate the expansion and streamlining of export of textiles from Istanbul. In fact, the Union comprises four independent union representatives that are included in the Board ITKIB:[citation needed]
Union of exporters of finished clothing;
Union of exporters of textiles and raw materials;
Union of exporters of leather and leather products;
Union of exporters of carpets
Pharmaceutical industry started in 1952 with the establishment of "Eczacıbaşı Pharmaceuticals Factory" in Levent, Istanbul.[13] Today, 134 companies operate in the Turkish pharmaceutical industry, a significant part of which is based within or near Istanbul.[14]
Istanbul is one of the most important tourism spots of Turkey. There are thousands of hotels and other tourist oriented industries in the city, catering to both vacationers and visiting professionals. In 2006 a total of 23,148,669 tourists visited Turkey, most of whom entered the country through the airports and seaports of Istanbul and Antalya.[15] The total number of tourists who entered Turkey through Atatürk International Airport and Sabiha Gökçen International Airport in Istanbul reached 5,346,658, rising from 4,849,353 in 2005.[16] This number increased to 10.5 Million in 2011 with the booming Turkish tourism. In 2011, Istanbul's two international airports handled more than 50 Million passengers.[17]
Istanbul is also one of the world's major conference destinations and is an increasingly popular choice for the world's leading international associations.[18] Istanbul's conference appeal developed with three separate conference and exhibition areas: The "Conference Valley" (Istanbul Convention & Exhibition Center, Istanbul Hilton Convention & Exhibition Center, the Military Museum Cultural Center and the Cemal Reşit Rey Concert Hall); The Airport & Exhibition District (150,000 m2 (1.6 m sq ft) of exhibition space around the CNR International Expo Center); and the Business & Financial District (with many distributed centers). These cluster areas feature a combination of accommodations, meeting facilities, and exhibition space. They can be used individually, or collectively through transportation with the Istanbul metro, and are linked together for accommodating events with 10,000 or more participants.
↑ "Financial sector"(PDF). Foreign Economic Relations Board Turkey DEIK. Archived from the original(PDF) on 18 December 2006. Retrieved 1 January 2007.
↑ Baytop T. Türk Eczacılık Tarihi Araştırmaları (History of Turkish Pharmacy Researches) Istanbul. 2000:12–75.
↑ Dogan UVEY*, Ayse Nur GOKCE*, Ibrahim BASAGAOGLU (2004) "Pharmaceutical Industry in Turkey" in 38th International Medical History Congress in Istanbul
The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of US$20,000, total revenue of US$1.5 billion, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing US$8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.
The economy of Germany is a highly developed social market economy. It has the largest national economy in Europe, the third-largest by nominal GDP in the world, and the sixth-largest by PPP-adjusted GDP. Due to a volatile currency exchange rate, Germany's GDP as measured in dollars fluctuates sharply. In 2017, the country accounted for 28% of the Euro area economy according to the International Monetary Fund (IMF). Germany is a founding member of the European Union and the eurozone.
The economy of Israel is a highly developed free-market economy. The prosperity of Israel's advanced economy allows the country to have a sophisticated welfare state, a powerful modern military said to possess a nuclear-weapons capability with a full nuclear triad, modern infrastructure rivaling many Western countries, and a high-technology sector competitively on par with Silicon Valley. It has the second-largest number of startup companies in the world after the United States, and the third-largest number of NASDAQ-listed companies after the U.S. and China. American companies, such as Intel, Microsoft, and Apple, built their first overseas research and development facilities in Israel. More than 400 high-tech multi-national corporations, such as IBM, Google, Hewlett-Packard, Cisco Systems, Facebook and Motorola have opened R&D centers throughout the country. As of 2024, the IMF estimated Israel has the 26th largest economy in the world by nominal GDP, and one of the biggest economies in the Middle East.
The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.
The Economy of Switzerland is one of the world's most advanced and a highly-developed free market economy. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$90,000 that are neither island nations nor ministates. Among OECD nations, Switzerland holds the 3rd-largest GDP per capita. Switzerland has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.
Turkey is a founding member of the OECD and G20. The country's economy ranked as the 17th-largest in the world and 7th-largest in Europe by nominal GDP in 2024. It also ranked as the 12th-largest in the world and 5th-largest in Europe by PPP in 2024. Turkey is a developing, upper-middle income, mixed economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century. The country is the fifth most visited destination in the world, and has over 1,500 R&D centres established both by multinational and national firms. Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. Among OECD nations, Turkey has a highly efficient and strong social security system; social expenditure stood at roughly 12.5% of GDP.
The economy of Bangladesh is a major developing mixed economy. As the second-largest economy in South Asia, Bangladesh's economy is the 35th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven. It has been transitioning from being a frontier market into an emerging market. Bangladesh is a member of the South Asian Free Trade Area and the World Trade Organization. In fiscal year 2021–2022, Bangladesh registered a GDP growth rate of 7.2% after the global pandemic. Bangladesh is one of the fastest growing economies in the world.
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.
Maslak is a neighbourhood in Sarıyer, Istanbul Province, in Turkey. Its population is 12,260 (2022). It is one of the main business districts of Istanbul, located on the European side of the city. It was formerly an exclave of the municipality of Şişli, though being far north and actually closer to the municipalities of Sarıyer and Beşiktaş. In 2012, the jurisdiction of the Maslak district was shifted from Şişli to Sarıyer.
Brazilian industry has its earliest origin in workshops dating from the beginning of the 19th century. Most of the country's industrial establishments appeared in the Brazilian southeast, and, according to the Commerce, Agriculture, Factories and Navigation Joint, 77 establishments registered between 1808 and 1840 were classified as "factories" or "manufacturers". However, most, about 56 establishments, would be considered workshops by today's standards, directed toward the production of soap and tallow candles, snuff, spinning and weaving, foods, melting of iron and metals, wool and silk, amongst others. They used both slaves and free laborers.
Istanbul Beykent University is a foundation university in Istanbul, Turkey, teaching in English, Russian combined and Turkish with 30.000 students.
Trade is a key factor of the economy of China. In the three decades following the dump of the Communist Chinese state in 1949, China's trade institutions at first developed into a partially modern but somewhat inefficient system. The drive to modernize the economy that began in 1978 required a sharp acceleration in commodity flows and greatly improved efficiency in economic transactions. In the ensuing years economic reforms were adopted by the government to develop a socialist market economy. This type of economy combined central planning with market mechanisms. The changes resulted in the decentralization and expansion of domestic and foreign trade institutions, as well as a greatly enlarged role for free market in the distribution of goods, and a prominent role for foreign trade and investment in economic development.
The economy of the Empire of Brazil (1822–1889) was centered on the export of raw materials when the country became independent in 1822. The domestic market was small, due to lack of credit and the almost complete self-sustainability of the cities, villages and farms that dedicated themselves to food production and cattle herding. During the first half of the 19th century, the Imperial Government invested heavily in the improvement of roads while retaining an excellent system of ports. The former facilitated better commercial exchange and communication between the country's distant regions; the latter did the same for foreign trade.
According to a report by The Economist, Iran has been ranked 39th for producing $23 billion of industrial products in 2008. From 2008 to 2009 Iran has leaped to 28th place from 69th place in annual industrial production growth rate.
The Manufacturers’ Association of Israel (MAI) is the umbrella organization and representative body of all industrial sectors in Israel including the private, public, kibbutz, and government industries. With a membership of over 1,800 organizations responsible for more than 90% of the industrial output, the Manufacturers’ Association of Israel is the largest and most influential economic organization in the country. Dr. Ron Tomer has led the organization as President since January 30, 2020. Headquartered in Tel Aviv, the Manufacturers’ Association of Israel has three other regional branches. The Northern branch, located in the city of Haifa, serves over 600 different member organizations which are responsible for around one third of all the industrial manpower in Israel. The Jerusalem branch, located in the city of Jerusalem, serves over 130 different member organizations. The Southern branch, located near the city of Be’er Sheva, serves over 350 different member organizations.
The economy of the Western Cape in South Africa is dominated by the city of Cape Town, which accounted for 72% of the Western Cape's economic activity in 2016. The single largest contributor to the region's economy is the financial and business services sector, followed by manufacturing. Close to 30% of the gross regional product comes from foreign trade with agricultural products and wine dominating exports. High-tech industries, international call centres, fashion design, advertising and TV production are niche industries rapidly gaining in importance.
Pakistan has bilateral and multilateral trade agreements with many nations and international organizations. It is a member of the World Trade Organization, part of the South Asian Free Trade Area agreement and the China–Pakistan Free Trade Agreement. Fluctuating world demand for its exports, domestic political uncertainty, and the impact of occasional droughts on its agricultural production have all contributed to variability in Pakistan's trade deficit. The trade deficit for the fiscal year 2013/14 is $7.743 billion, exports are $10.367 billion in July–November 2013 and imports are $18.110 billion.
The textile industry in India, traditionally after agriculture, is the only industry in the country that has generated large-scale employment for both skilled and unskilled labour. The textile industry continues to be the second-largest employment generating sector in India. It offers direct employment to over 35 million people in the country. India is the world's second largest exporter of textiles and clothing, and in the fiscal year 2022, the exports stood at US$44.4 billion. According to the Ministry of Textiles, the share of textiles in total exports during April–July 2010 was 11.04%. During 2009–2010, the Indian textile industry was pegged at US$55 billion, 64% of which services domestic demand. In 2010, there were 2,500 textile weaving factories and 4,135 textile finishing factories in all of India. According to AT Kearney’s ‘Retail Apparel Index’, India was ranked as the fourth most promising market for apparel retailers in 2009.
Foreign trade in India includes all imports and exports to and from India. At the level of the Central Government, trade is administered by the Ministry of Commerce and Industry. Foreign trade accounted for 48.8% of India's GDP in 2018.
The trade policy of Switzerland refers to Switzerland's approach to importing and exporting with other countries.
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