Levent business district in Istanbul, 2013Maslak business district in Istanbul, 2014Ataşehir business district in Istanbul, 2024
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 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. In August 2018, almost one-third of the office space in the city was vacant, and office rental prices across all segments had fallen sharply.[6]
Since 2021, there has been a steady recovery and rapid growth in Turkey's nominal GDP and GDP (PPP),[7][8] which have reached their all-time highest values in both 2023 and 2024.[7][8]
The Bosphorus Bridge (1973) is the oldest of the three bridges and two tunnels which connect Istanbul's European and Asian sides
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.[10]
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.[11]
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.[15] Today, 134 companies operate in the Turkish pharmaceutical industry, a significant part of which is based within or near Istanbul.[16]
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.[17] 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.[18] 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.[19]
Istanbul is also one of the world's major conference destinations and is an increasingly popular choice for the world's leading international associations.[20] 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 Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
The economy of the Bahamas is dependent upon tourism and offshore banking. The Bahamas is the richest country in the West Indies and is ranked 14th in North America for nominal GDP. It is a stable, developing nation in the Lucayan Archipelago, with a population of 391,232 (2016). Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years. The slowdown in the Economy of the United States and the September 11 attacks held back growth in these sectors from 2001 to 2003.
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 Morocco is considered relatively liberal, governed by the law of supply and demand. Since 1993, in line with many Western world changes, Morocco has followed a policy of privatisation. Morocco has become a major player in African economic affairs, and is the 6th largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the most competitive economy in North Africa, in its African Competitiveness Report 2014–2015.
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. The economy of Turkey is an emerging market, upper-middle income, mixed economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century.
The economy of Belgium is a highly developed, high-income, mixed economy.
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.
Karachi is the financial and industrial capital of Pakistan. As of 2019, Karachi has an estimated GDP (PPP) of $164 billion. The city accounts about half of the total collections of the Federal Board of Revenue, out of which, approximately half are customs duty and sales tax on imports. Karachi produces about 30 percent of value added in large-scale manufacturing, 25% of the GDP, the World Bank identified Karachi as the most business-friendly city in Pakistan. In 2010, research by the global human resources company Mercer found Karachi to be the most inexpensive city in the world.
Ahmedabad is the industrial center in western India after Mumbai. The gross domestic product of Ahmedabad metro was estimated at US$136.1 billion in 2023. Ahmedabad is the largest contributor to the GDP of Gujarat state, with an estimated US$68 billion as of 2017 out of $227 billion, textile and clothing in Ahmedabad is one of the oldest industries. It is the largest supplier of denim and one of the largest exporters of gems and jewellery in the country. Ahmedabad has one of the largest concentration of pharmaceutical and biotech companies in India. Ahmedabad hosts the headquarters of major public-sector banks Ahmedabad Dist Co Op Bank, Ahd Mercantile Co-Op Bank Ltd, Ahmedabad Mercantil Co Op Bank, Dena Bank, The Cosmos Co - Op Bank, Manager Gujarat Ambuja Co-Operative, The Gujarat State Co-operative Bank Ltd.Gujarat State Coop Bank, The Kalupur Bank, Ahmedabad Capital Bank, Kutch Bank co op, Bank of Rajasthan, Bank of Marwad.
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.
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.
A trading nation is a country where international trade makes up a large percentage of its economy.
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.
The economy of Dalian plays an important part in Northeast China and Northeast Asia.
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 share of the industry of Colombia in the country's gross domestic product (GDP) has shifted significantly in the last few decades. Data from the World Bank show that between 1965 and 1989 the share of industry—including construction, manufacturing, and mining—increased from 27 percent to 38 percent of GDP. However, since then the share has fallen considerably, down to approximately 29 percent of GDP in 2007. This pattern is about the average for middle-income countries.
The economic de-industrialisation of India refers to a period of studied reduction in industrial based activities within the Indian economy from 1757 to 1947.
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