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10 Reasons to Invest in Turkey
Investors' Guide
Prior to Arrival in Turkey
Work Permit
Residence Permit
Exceptional Acquisition of Citizenship
Establishing a Business in Turkey
Transferring Assets
Cost of Doing Business in Turkey
Access to Finance
Incentives
Employees and Social Security
Terms of Employment
Termination of Employment Contract
Turkish Social Security System
Taxes
Investment Zones
Demographics
Regulatory and Supervisory Authorities
Macroeconomic Indicators
FDI in Turkey
Foreign Trade
Investment Legislation
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Demographics 

Turkey is located in the GMT+3 time zone, which enables it to communicate with both eastern and western countries in the same working day.

 

Population

 

The demographics of Turkey’s population have a positive impact on the country’s economy, representing a window of opportunity in many respects. The young and well-educated population of Turkey is considered to be a great asset as investors are facing considerable challenges elsewhere in Europe, such as ageing and shrinking populations. Turkey offers excellent opportunities with its growing, young, and dynamic population – an indispensable contributor to a strong labor pool and a lucrative domestic market.

 

Turkey’s population was registered as 80.8 million in 2017. It is expected to reach 86.9 million by 2023, and 100.3 million by 2040, according to the Turkish Statistical Institute (TurkStat). The population is projected to maintain its growth momentum until 2069, where it will peak at 107.6 million.

 

Population Projections – 2018-2080 (millions)

Source: TurkStat

 

Turkey, with half of its population under the age of 31.7 in 2017, has the largest youth population when compared with countries in the EU.

 

Population-Age Group Pyramid – 2017

Source: TurkStat

 

Over the past decade, Turkey’s age-dependency ratio has continued its downward trend, allowing extra room for government expenditure on healthcare, social security, and education.

 

Age Dependency Ratio by Region (% of working-age population) – 2017

Age Dependency Ratio by Countries (% of working-age population) – 2017

Source: World Bank

 

Labor Force

 

Turkey's labor force is around 31.6 million people, which makes Turkey the 3rd largest labor force market in Europe.

 

Turkey’s young population is an important contributor to labor force growth and has boosted the country’s rank over its competitors. Turkey has posted the largest labor force growth in relation to EU countries.

 

Labor Force 2017

Source: OECD, World Bank, ISPAT, NA: Not Available

 

Annual Average Increase in Labor Productivity (%)

Source: OECD

 

The spectacular growth in the number of universities has allowed Turkey to graduate a larger number of students, which in turn has enabled Turkey to transform its young population and large labor force into a skilled workforce.

 

  • More than 6.7 million students are enrolled in higher education
  • Approximately 800,000 students graduate from universities every year
  • World-class engineering education

 

Number of Universities and University Graduates

Source: CoHE

 

Availability of Skilled Labor 2017

 

Source: IMD, IMD World Competitiveness Executive Opinion Survey based on an index from 0 to 10

 

Competent Senior Managers – 2017

 

Source: IMD, IMD World Competitiveness Executive Opinion Survey based on an index from 0 to 10

 

Qualified Engineers – 2017

Source: IMD, IMD World Competitiveness Executive Opinion Survey based on an index from 0 to 10

 

Urbanization

 

There are 22 cities with populations of over 1 million in Turkey. These cities are the engines of economic growth and social development through their production of goods and services. In terms of population, Istanbul is the largest city in Europe.

 

City

Population (2017)

Istanbul

15,029,231

Ankara

5,445,026

Izmir

4,279,677

Bursa

2,936,803

Antalya

2,364,396

Adana

2,216,475

Konya

2,180,149

Gaziantep

2,005,515

Şanlıurfa

1,985,753

Kocaeli

1,883,270

Mersin

1,793,931

Diyarbakır

1,699,901

Hatay

1,575,226

Manisa

1,413,041

Kayseri

1,376,722

Samsun

1,312,990

Balıkesir

1,204,824

Kahramanmaraş

1,127,623

Van

1,106,891

Aydın

1,080,839

Denizli

1,018,735

 

Source: TurkStat