Turkey - Growing consumption

Growing consumption


Growing consumptioncbi:///cms/240755

Turkey's positive economic development is reflected in rising incomes as well as in the population's growing purchasing power - and at the same time driven further by it. Growing employment opportunities, the relatively strong Turkish Lira and a low savings rate allow for increased consumption. At almost 71 percent, the proportion of private consumption in the Gross Domestic Product is above average. By comparison: the ten-year EU-27 average is at approximately 58 percent.  cbi:///cms/240757

Purchasing power on the risecbi:///cms/240758

Turkey's per capita income has tripled between 2002 and 2008. Following a slowdown due to recession in 2009, this positive trend continued. The purchasing power of the Turkish population equally continues to grow: according to a current study of the GfK Group (Gesellschaft für Konsumforschung), it rose to € 5,107 per inhabitant in 2010. With this figure, the country on the Bosporus has overtaken Hungary as well as Croatia. cbi:///cms/240760

Per capita income still lowcbi:///cms/240762

Compared to Western industrial countries however, Turkey still has a very low per capita income. Despite high growth rates, this value is only half of the EU average and ten times lower than for example in the UK. According to information from the Federal Foreign Office, a large amount of workers in industry, agriculture and skilled trades receives the official minimum wage. In the first half of 2012, this was set at 887 Turkish Lira gross (approximately € 390). Currently, around 20 percent of the Turkish population live in poverty. cbi:///cms/240764

Regional differencescbi:///cms/240766

In addition, an increasingly unequal distribution of income is beginning to show in the regional comparison. The province Istanbul is by far the most important economic centre in Turkey. This is where 18 percent of the total population and 28 percent of the country's available income concentrate. On the other hand, especially rural areas in Eastern Turkey in the provinces Van, Agri, Bitlis or Mus are characterised by very low purchasing power. According to current data of the GfK Group, the average purchasing power per person in the ten poorest regions is below € 750. This corresponds to approximately ten to 15 percent of the national average income. cbi:///cms/240768

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