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10 Reasons to Invest in Turkey
Investors' Guide
Prior to Arrival in Turkey
Work Permit
Residence Permit
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
Infrastructure and Logistics
Macroeconomic Indicators
FDI in Turkey
Foreign Trade
Investment Legislation
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Demographics 

Turkey is located in the GMT+2 time zone that 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.

 

In 2015, Turkey’s population reached 78.7 million. It is expected to top 84 million in 2023, and to peak at 93.5 million in 2050, at which point the population will be more than double what it was in 1980.

 

Population Projections - 2015-2075 (millions)

 

 

Source: TurkStat

 

Turkey has the largest youth population when compared with the EU, with half of its population under the age of 31 in 2015.

 

Population-Age Group Pyramid - 2015

 

            

 

Source: TurkStat

 

In 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 and Countries

(% of working-age population)

 

 

Source: World Bank

 

Labor Force

 

Turkey's labor force is around 29.7 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 - 2014

 

 

Source: OECD, World Bank, ISPAT

 

Annual Average Increase in Labor Productivity (%)

 

Source: OECD

 

An increasing 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 a large labor force into a skilled workforce.

 

  • More than 5.4 million students are enrolled in tertiary 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 - 2016

 

 

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

 

Competent Senior Managers - 2016

 

 

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

 

Qualified Engineers - 2016

 

 

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

 

Urbanization

 

There are 20 cities with populations over 1 million in Turkey, which are the engines of economic growth and social development by producing goods and services. In terms of population, Istanbul is the largest city in Europe.

 

City

Population (2015)

Istanbul

14,863,867

Ankara

5,324,705

Izmir

4,167,958

Bursa

2,838,680

Antalya

2,289,667

Adana

2,195,548

Konya

2,104,346

Gaziantep

1,963,166

Şanlıurfa

1,951,375

Kocaeli

1,764,806

Mersin

1,737,212

Diyarbakır

1,684,150

Hatay

1,528,158

Manisa

1,361,865

Kayseri

1,355,754

Samsun

1,256,030

Balıkesir

1,175,116

Van

1,099,847

Kahramanmaraş

1,083,891

Aydın

1,030,832

 

Source: TurkStat