Turkey - Challenges for adjustment (Vol. 3 of 3) : Statistical annex

Report No. 15076-TU Turkey Challenges for Adjustment (Ir, Three Volumes] Volume Il: Statistical Anriex April 1, 1996 Country Operations Division Country Department I Europe and Central Asia Region Document of the World Bank  CURRENCY EQUIVALENTS Currency Unit = Turkish Lira (TL) Turkish Lira per US dollar 1992 (average) 6,872 1993 (average) 10,984 1 994 (average) 29,608 1995 (average) 45,731 December 31, 1995 61,054 FISCAL YEAR January 1 - December 31  Turkev - Country Economic Memorandum Challenges for Adjustment STATISTICAL ANNEX List of Tables 1. Gross National Product by Sector (at current prices, 1987-1994) la. Gross National Product by Sector (in percent, 1987-1994) 2. Gross National Product by Sector (at 1987 prices, 1987-1994) 2a. Gross National Product by Sector (percent change, 1988-1995) 3. Macroeconomic Balances (1987-1995) 3a. Macroeconomic Balances (1987-1995) 4. Macroeconomic Deflators (1988-1995) 5. Total Fixed Capital Investments (1987-1995) 5a. Public Fixed Capital Investments (1987-1995) 5b. Turkey: Private Fixed Capital Investrnents by Sectors (1987-1995) 6. Industrial Production Index (1990-1995) 7. Developments in the Domestic Labor Market (1990-1995) 8. Wholesale Price Index (1990-1995) 9. Consumer Price Index (1990-1995) 10. Public Sector Revenues and Expenditures (1990-1995) 11. Sectoral Distribution of the Public Sector Borrowing Requirement (1990-1995) 1 la. Sectoral Distribution of the Public Sector Borrowing Requirement (1990-1995) 12. Consolidated Central Government Budget (1990-1995) 13. Consolidated Accounts of Extra Budgetary Funds (1990-1995) 14. Profit and Loss Statement of SOEs (1990-1995) 15. Financing Requirement of SOEs (1990-1995) 16. Treasury's Yearly Domestic Borrowing (1990-1995) 17. Compounded Interest Rates on Government Bonds And Treasury Bills (1990-1995) 18. Central Bank Analytical Balance Sheet (1990-1995) 19. Monetary Aggregates (1990-1995) 20a. Exports by Sectors (1990-1995) 20b. Imports by Sectors (1990-1995) 21. Distribution of Export & Import by Countries (1990-1995) 22. Balance of Payments (1990-1995) 23. Outstanding External Debt (1990-1995) 24. External Debt Service Payments (1990-1994) 25. International Reserves (1990-1995) 26. Exchange Rate Developments (1990-1995)  I  Table 1. Turkey: Gross National Product by Sector 1/ (In TL bilions at Current Prices, 1987-1994) 1987 1988 1989 1990 1991 1992 1993 1994 Agriulre 12,623 21.070 36.599 65.767 90,788 153,346 289,618 563.652 Farming 11,588 19,118 33,753 60,862 84,442 139,712 263,456 621,607 Forestry 763 1,306 1,952 2,777 3,403 9.270 13,667 16,832 Fisheries 272 647 893 2,129 2,943 4,363 12,696 25,314 Industry 16,647 30,389 53,544 83,333 133,384 229,586 395.785 867,727 Mining 1,364 2,269 4,349 6,801 8,747 13,219 19,181 46,868 Manufacturing 13,896 26,424 44,896 70,131 111,360 188,751 327,036 712,828 Electricity, gas and water 1,388 2,696 4,299 7,401 13,288 27,616 49,668 108,031 Services 39,421 67,621 119,823 210,049 350,054 616,474 1,101,448 2,093,967 Construction 6,188 9,574 15,252 23,539 41,649 69,679 136,790 240,031 Commerce 13,869 23,982 41,111 70,172 106,366 187,872 321,174 664,984 Wholesale and Retail 12,039 20,590 35,330 60,941 91,372 160,573 271,607 645,646 Hotels, Resta.& Services 1,829 3,392 6,781 9,231 14,994 27,299 49,667 109,338 Communication and transport 8,561 -15,006 26,103 45,912 74,058 132,282 236,165 616,609 Financial institutions 2,144 3,977 6,183 11,449 23,127 38,560 74,036 94,133 Rental income 3,979 5,268 7,641 11,359 20,127 35,775 56,911 103,784 Liberal professions 1,892 3,461 7,998 16,093 23,677 40,464 72,452 140,997 Government services 3,789 6,363 16,536 32,626 61,061 111,841 203,922 344,530 GDP at factor prices 68,691 119,081 209,966 359,149 574,227 999,405 1.786,850 3,525,346 Indirect Taxes 6,700 11,366 19,680 38,110 66,183 118,486 221,561 432,084 Subsidies 669 1,212 2,322 4,198 10,293 24,623 26,533 89,001 GDP at maket prices 74,722 129,224 227.324 393,060 630,117 1,093,368 1.981.868 3,868,429 Net Factor Income from Abroad 297 (493 3,046 4,117 4,276 10,237 15,466 19,474 GNP at market price 75,019 129,175 230,370 397,178 634,393 1,103.605 1,997.323 3.887,903 1/ Imputed bank sevice charges are distributed to sectors. Souce: SIS  Table 1a. Turkey: Gross National Product by Sector 1/ (In percnt of GNP, 1987-19941 1987 1988 1989 1990 1991 1992 1993 1994 Agdculure 16.8 16.3 16.9 1e.8 14.3 13.9 14.6 14.5 Farming 15.4 14.8 14.7 15.3 13.3 12.7 13.2 13.4 ForestrV 1.0 1.0 0.8 0.7 0.5 0.8 0.7 0.4 Fisheries 0.4 0.6 0.4 0.5 0.5 0.4 0.6 0.7 Industry 22.2 23.5 23.2 21.0 21.0 20.8 19.8 22.3 Mining 1.8 1.8 1.9 1.6 1.4 1.2 1.0 1.2 Manufacturing 18.6 19.7 19.5 17.7 17.6 17.1 16.4 18.3 Electricity, gas and water 1.9 2.1 1.9 1.9 2.1 2.5 2.5 2.8 Services 52.5 52.3 52.0 52.9 65.2 55.9 55.1 53.9 Construction 6.9 7.4 6.6 5.9 6.6 6.3 6.8 6.2 Commerce 18.6 18.6 17.8 17.7 16.8 17.0 16.1 16.8 Wholesale and Retail 16.0 16.9 16.3 16.3 14.4 14.5 13.6 14.0 Hotels, Resta.& Services 2.4 2.6 2.6 2.3 2.4 2.5 2.5 2.8 Communication and transport 11.4 11.6 11.3 11.6 11.7 12.0 11.8 13.3 Financial institutions 2.9 3.1 2.7 2.9 3.6 3.6 3.7 2.4 Rental income 6.3 4.1 3.3 2.9 3.2 3.2 2.8 2.7 Liberal professionb 2.6 2.7 3.6 3.8 3.7 3.7 3.6 3.6 Government services 6.1 4.9 6.7 8.2 9.6 10.1 10.2 8.9 GDP at factor prices 91.6 92.2 91.1 90.4 90.5 90.6 89.5 90.7 Indirect Taxes 8.9 8.8 8.5 9.6 10.4 10.7 11.1 11.1 Subsidies 0.9 0.9 1.0 1.1 1.6 2.2 1.3 2.3 GDP at market prices 99.6 100.0 98.7 99.0 99.3 99.1 99.2 99.5 Net Factor Income from Abroad 0.4 0.0 1.3 1.0 0.7 0.9 0.8 0.5 GNP at market pice 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1/ Imputed bank servie charges ae distributed to sectors. Sourc: SIS  Table 2. Turkey: Gross National Product by Sector 1/ fIn TL billions at 1987 prices, 1987-94) 1987 1988 1989 1990 1991 1992 1993 1994 Agriculture 12,623 13.627 12,562 13,451 13,420 13.942 13,808 13,730 Farming 11,688 12,523 11,498 12,462 12,460 12,822 12,776 12,678 Forestry 763 761 754 738 696 861 698 716 Fisheries 272 344 310 261 263 268 336 336 Industy 16,647 17,094 17,928 19,552 20,204 21,581 23.457 22,540 Mining 1,364 1,353 1,467 1,443 1,493 1,601 1,410 1,608 Manufacturing 13,895 14,191 14,660 16,185 16,685 17,816 19,683 18,486 Electricity, gas and water 1,388 1,650 1,800 1,923 2,026 2,266 2,464 2,546 Services 39,421 39.807 40,381 43,545 43,773 46,796 49,927 48,134 Construction 5,188 4.907 6,206 5,141 5,187 6,494 5,927 6,767 Commerce 13,869 14,315 14,053 15,850 15,743 17,323 18,520 16,968 Wholesale and Retail 12,039 12,234 11,937 13,606 13.668 14,967 16,960 14,208 Hotels, Resta.& Services 1,829 2,081 2,116 2,244 2,085 2,366 2,670 2,760 Communication and transport 8,661 8,616 8,969 9,981 10,034 10,832 12,079 11,906 Financial institutions 2,144 2,210 2,232 2,245 2,262 2,223 2,178 2,170 Rental income 3,979 3,968 4,086 4,209 4,317 4,426 4,611 4,671 Liberal professions 1,892 1,932 1,940 2,101 2,123 2,239 2,376 2,281 Government services 3,789 3,859 3,906 4,019 4,117 4,269 4,336 4,371 GDP at factor pris 68,690 70,527 70.871 76,549 77,397 82,318 87,192 84.404 Indirect Taxes 6,700 6,506 6,511 7,990 8,189 8,924 10,670 8,432 Subsidies 669 726 884 960 1,233 1,842 1,172 1,615 GDP at narket prices 74.722 76.306 76.498 83,578 84,353 89,401 96,590 91,321 Net Factor Income from Abroad 297 (198) 849 1,013 634 922 1.086 412 GNP at market prices 75.019 76,108 77,347 84,592 84,887 90.322 97,676 91,733 I/ Imputed bank service charges are distrbuted to sectors. Source: SIS  Table 2a. Turkey: Gross National Product by Sector 1I (Annual Percent Change at 1987 Prices, 1987-96) 1988 1989 1990 1991 1992 1993 1994 1995 2/ AgrIcukw 8.0 (7.8) 7.1 (0.2) 3.9 (1.0) (0.9) 1.0 Farming 8.1 (8.2) 8.3 0.1 2.9 (0.4) (0.8) Forestry (0.3) (0.9) (2.1) (6.7) 23.7 (19.0) 2.6 Fisheries 26.3 (9.6) (16.8) 0.6 (1.7) 29.6 0.3 Induwy 2.7 4.9 9.1 3.3 6.8 8.7 (3.9) 8.2 Mining (0.8) 8.5 (1.7) 3.5 0.5 (6.0) 6.9 Manufacturing 2.1 3.3 10.4 3.1 6.8 9.9 (6.6) Electriity, gas and water 11.7 16.2 6.8 5.3 11.8 8.8 3.3 ServIces 1.0 1.4 7.8 0.5 6.9 6.7 (3.6) 9.0 Construction (6.4) 6.1 (1.2) 0.9 6.9 7.9 (2.7) Commerce 3.2 (1.8) 12.8 (0.7) 10.0 6.9 (8.4) Wholesale and Retail 1.6 (2.4) 14.0 0.4 9.5 6.6 (10.9) Hotels, Resta.& Services 13.7 1.7 6.0 (7.1) 13.6 8.6 7.4 Communication and transport 0.6 4.0 11.4 0.6 8.0 11.5 (1.4) Financial institutions 3.1 1.0 0.6 0.3 (1.3) (2.0) (0.4) Rental income (0.3) 3.0 3.0 2.6 2.5 1.9 3.6 Liberal professions 2.1 0.4 8.3 1.0 6.6 6.1 (4.0) Government services 1.9 1.2 2.9 2.4 3.4 1.8 0.8 GDP at fctor prices 2.7 0.1 8.0 1.1 6.4 6.9 (3.2) Indirect Taxes (2.9) 0.1 22.7 2.6 9.0 18.4 (20.2) Subsidies 8.6 21.6 8.6 28.5 49.3 (36.4) 29.3 GOP at market prbce 2.1 0.3 9.3 0.9 6.0 8.0 (5.51 5.8 Net Factor Income from Abroad (166.6) (528.6) 19.3 (47.3) 72.6 17.8 (62.0) GNP at market price 1.5 1.6 9.4 0.3 6.4 8.1 (6.1) 5.9 1/ Imputed bank servkie charg are distibuted to sectors. 2/ SPO Etnmt". October 1996 Source: SIS  Table 3. Turkey: Macroeconomic Balances (In TL Tions at curent prc.", 1987-19951 1987 1988 1989 1990 1991 1992 1993 1994 1995 Estin. 1/ 1. GNP 76.0 129.2 230.4 397.2 634.4 1,103.6 1,997.3 3,887.9 7,574.1 2. Foreign deficit 1.3 (1.4) 0.6 12.7 13.3 22.0 96.9 (57.3) 139.7 3. Total resources (absorption) 76.3 127.8 230.9 409.9 647.7 1,125.7 2,094.2 3,830.6 7,713.8 4. Total investment 19.2 33.8 61.5 100.2 147.9 253.0 531.5 834.3 1,764.3 5. Fixed capital formation 18.6 33.7 61.8 89.9 149.3 251.4 505.9 948.2 1,776.0 a. Private 11.0 22.3 34.5 62.2 101.7 170.1 361.7 761.3 1,439.8 b. Public 7.5 11.6 17.3 27.7 47.6 81.3 144.1 194.9 336.2 6. Changes in stocks 0.8 0.0 (0.3) 10.3 (1.4) 1.6 25.6 (111.9) (11.7) a. Private 0.5 0.6 0.1 3.7 (2.0) 8.2 24.1 (61.3) 14.2 b. Public 0.2 (0.5) (0.4) 6.6 0.7 (6.7) 1.6 (60.6) (25.9) 7. Total consumption 57.1 94.0 179.4 309.7 499.8 872.6 1,562.7 2,996.3 6,949.6 8. Public disposable income 10.2 17.5 30.2 53.4 75.5 126.6 189.1 372.1 640.4 9. Public consumption 6.3 8.7 19.4 39.8 71.0 134.6 246.7 418.8 716.8 10. Public savings 6.0 8.8 10.9 13.6 4.5 (8.9) (56.6) (46.7) (76.4) 11. Public investment 7.7 10.9 17.0 34.3 48.3 74.6 145.7 144.3 310.3 12. Public savings-investment gap (2.8) (2.1) (6.1) (20.6) (43.7) (83.6) (202.3) (190.9) (386.7) 13. Private disposable income 64.8 111.6 200.1 343.8 558.9 978.0 1,808.2 3,615.8 6,933.7 14. Private consumption 61.8 85.3 160.0 269.9 428.9 738.1 1,317.0 2,677.6 6,232.7 15. Private savings 13.0 26.3 40.1 73.9 130.0 239.9 491.2 938.3 1,701.0 16. Private investment 11.5 22.9 34.6 65.9 99.6 178.4 385.8 690.0 1,464.0 17. Private savings-investment gap 1.4 3.5 6.6 7.9 30.4 61.5 106.4 248.3 247.0 18. Private savings ratio 20.0 23.6 20.1 21.5 23.3 24.5 27.2 26.7 24.5 19. Public savings ratio 48.6 60.4 35.9 26.5 6.0 (7.1) (29.9) (12.6) (11.9) 20. Total domestic savings 17.9 35.2 61.0 87.5 134.6 231.0 434.6 891.6 1,624.6 21. Investment/GNP 25.7 26.2 22.4 25.2 23.3 22.9 26.6 21.5 23.3 22. Savings/GNP 23.9 27.2 22.1 22.0 21.2 20.9 21.8 22.9 21.4 1/ SPO Estimtes, October 1995 Source: SPO  Table 3a. Turkey: Macroeconomic Balances n TL tile. at 1994 pice.. 1987-19951 1987 1988 1989 1990 1991 1992 1993 1994 1996 Esdm. I/ 1. GNP 3,189.5 3,235.8 3,288.6 3,585.2 3,697.8 3,828.1 4,139.8 3,887.9 4,117.3 2. Foreign deficit 29.2 (59.1) (72.3) 47.9 26.2 43.5 51.3 19.6 34.6 3. Total resources (absorption) 3,218.7 3,176.7 3,218.2 3,633.1 3,623.0 3,871.7 4,191.1 3,907.4 4,151.9 4. Total investment 762.9 738.0 765.4 960.9 876.0 927.4 1,195.9 834.3 968.9 5. Fixed capital formation 733.9 736.9 769.6 870.2 883.8 921.9 1,139.4 946.2 976.1 a. Private 432.6 488.2 499.6 685.0 590.3 609.9 800.1 751.3 791.7 b. Public 301.3 248.7 260.0 286.2 293.6 312.0 339.3 194.9 183.4 6. Changes in stocks 29.0 1.1 (4.2) 90.7 (7.8) 5.6 56.6 (111.9) (6.2) a. Private 19.8 13.0 1.1 32.8 (11.6) 28.7 63.1 (61.3) 7.6 b. Public 9.2 (11.9) (5.3) 57.9 3.8 (23.3) 3.4 (60.6) (13.8) 7. Total consumption 2,455.9 2,438.7 2,460.8 2,707.3 2,767.0 2,934.8 3,184.6 2,996.3 3,116.7 8. Public disposable income 640.0 634.0 620.3 515.8 414.6 386.5 319.1 372.1 391.8 9. Public consumption 337.3 333.7 344.1 379.2 386.6 421.1 443.6 418.8 438.9 10. Public savings 202.7 200.4 176.2 136.6 28.0 (34.6) (124.5) (46.7) (47.1) 11. Public investment 310.5 236.8 254.7 343.1 297.3 288.8 342.7 144.3 169.6 12. Public savings-investment gap (107.8) (36.4) (78.6) (206.4) (269.3) (323.4) (467.2) (190.9) (216.8) 13. Private disposable income 2,649.6 2,701.7 2,768.2 3,069.4 3,183.2 3,441.6 3,820.7 3,516.8 3,725.5 14. Private consumption 2,118.6 2,106.0 2,116.7 2,328.1 2,380.4 2,613.7 2,741.0 2,677.6 2,676.7 16. Private savings 530.9 696.7 661.6 741.3 802.8 927.9 1,079.7 938.3 1,048.7 16. Private investment 452.4 501.2 500.7 617.8 578.7 638.6 853.2 690.0 799.3 17. Private savings-investment gap 78.5 95.5 150.8 123.5 224.1 289.3 226.5 248.3 249.6 18. Private savings ratio 20.0 22.1 23.6 24.2 26.2 27.0 28.3 26.7 28.2 19. Public savings ratio 37.5 37.5 33.9 26.5 6.8 (8.9) (39.0) (12.5) (12.0) 20. Total domestic savings 733.6 797.1 827.7 878.0 830.8 893.3 965.3 891.6 1,001.6 21. Investment/GNP 23.9 22.8 23.0 26.8 24.3 24.2 28.9 21.6 23.6 22. Savings/GNP 23.0 24.6 25.2 24.6 23.1 23.3 23.1 22.9 24.3 1/ SPO Extnwtes, October 1995 Ses: SPO  Table 4 . Turkey: Macroeconomic Deflators (In percent, 1988-1995) 1988 1989 1990 1991 1992 1993 1994 1995 Estim. 1/ 1. GNP 69.7 75.5 58.1 69.2 63.5 67.4 107.3 84.0 2. Foreign deficit 3. Total resources (absorption) 69.6 78.5 67.1 58.5 62.6 71.9 96.2 89.5 4. Total investment 81.5 49.0 52.9 61.9 61.6 62.9 126.0 82.1 6. Fixed capital formation 81.7 49.1 51.4 63.6 61.5 62.8 125.2 82.1 a. Private 79.3 51.2 54.0 62.0 61.9 62.1 121.2 81.9 b. Public 85.5 44.9 45.5 67.0 60.7 63.0 136.4 83.3 6. Changes in stocks 68.4 69.4 53.1 66.3 62.1 58.4 120.7 88.0 a. Private 68.3 69.6 53.1 55.3 62.1 58.4 120.7 88.0 b. Public 68.3 69.6 53.1 55.3 62.1 58.4 120.7 88.0 7. Total consumption 66.8 89.1 56.9 57.9 64.6 65.0 103.8 91.0 8. Public disposable income 73.7 76.9 78.2 76.0 78.6 82.3 68.7 63.6 9. Public consumption 67.2 116.8 86.3 75.0 74.1 73.4 80.6 63.3 10. Public savings 80.6 39.6 61.8 62.6 59.6 76.0 119.8 62.2 11. Public investment 85.7 44.2 60.1 62.5 59.2 64.5 135.2 82.9 12. Public savings-investment gap 13. Private disposable income 68.9 75.0 54.9 56.8 61.8 66.6 111.3 s8.1 14. Private consumption 65.6 86.6 63.4 56.4 63.0 63.6 108.1 95.6 15. Private savings 80.6 39.7 61.8 62.6 69.6 76.0 119.8 62.2 16. Private investment 79.0 61.4 64.6 61.3 62.2 61.9 121.2 81.9 17. Private savings-investment gap 18. Private savings ratio 19. Public savings ratio 20. Total domestic savings 80.6 39.7 61.8 62.6 59.6 76.0 119.8 62.2 21. InvestmentVGNP 22. Savings/GNP 1/ SPO EImAt". Octobr 1995 Soaros: SPO  Table 5. Turkey: Total Fixed Capital Investments (by Sectors, 1987-1995) 1987 1988 1989 1990 1991 1992 1993 1994 1995 Estim 1/ A. At Current Prices (TL BUilon) Agriculture 1,273 1,996 2,831 4,877 8,459 12,455 26,820 39,365 92,145 Mining 447 786 978 1,631 2,776 4,416 6,921 13,831 24,808 Manufacturing 3,262 6,441 7,669 17,558 27,806 46,102 91,796 197,805 394,089 Tourism 462 1,058 2,027 3,425 5,498 7,454 11,430 22,033 43,032 Energy 1,787 3,285 6,678 6,519 9,181 12,833 18,931 26,766 60,540 Transportation 3,828 6,437 8,256 16,102 28,174 64,696 130,463 176,061 309,846 Housing 5,152 12,089 19,022 30,051 49,742 80,112 159,516 366,629 669,237 Education 421 761 1,305 2,352 4,218 8,295 16,175 20,423 38,783 Health 186 307 612 1,360 2,626 5,065 10,471 19,561 25,611 Other Services 1,673 2,679 3,659 6,017 10,794 20,007 34,343 63,712 117,948 Total 18,491 33,737 51,836 89,893 149,272 251,435 505,866e 946,187 1,776,03 S. At 1994 Prices ITL 8Non) Agriculture 60,789 43,153 41,694 48,089 49,267 45,402 65,989 39,365 60,281 Mining 18,369 17,451 14,611 16,273 16,679 16,471 15,575 13,831 13,601 Manufacturing 121,344 117,058 109,879 173,285 173,272 175,614 222,629 197,806 212,674 Tourism 18,623 23,234 29,510 32,649 32,187 26,996 25,272 22,033 23,704 Energy 71,564 72,712 86,382 68,148 68,691 50,505 46,767 26,765 32,764 Transportation 152,706 119,676 122,542 163,697 174,646 209,482 314,886 176,061 167,019 Housing 215,506 265,262 276,310 269,932 268,823 268,746 309,220 366,629 376,916 Education 17,087 16,824 19,693 23,734 25,922 31,705 38,644 20,423 21,261 Health 7,614 6,774 9,101 13,205 15,311 18,454 23,144 19,561 14,178 Other Services 64,386 56,433 62,662 61,268 69,100 78,537 86,367 63,712 63,739 Total 737,867 738,675 760,382 870,181 883,788 921,911 1,139,381 946,187 975,134 C. Shares hi Total (at Current Prices) Agriculture 6.9 5.9 5.5 5.4 5.7 5.0 5.1 4.2 5.2 Mining 2.4 2.3 1.9 1.8 1.9 1.8 1.4 1.5 1.4 Manufacturing 17.6 16.1 14.8 19.6 18.6 18.3 18.1 20.9 22.2 Tourism 2.6 3.1 3.9 3.8 3.7 3.0 2.3 2.3 2.4 Energy 9.7 9.7 10.8 7.3 6.2 5.1 3.7 2.8 3.4 Transportation 20.7 18.1 15.9 17.9 18.9 21.8 25.8 18.6 17.4 Housing 27.9 35.8 36.7 33.4 33.3 31.9 31.5 38.7 37.7 Education 2.3 2.3 2.5 2.6 2.8 3.3 3.2 2.2 2.2 Health 1.0 0.9 1.2 1.6 1.8 2.0 2.1 2.1 1.4 Other Services 9.0 7.6 6.9 6.7 7.2 8.0 6.8 8.7 6.6 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 D. Annual Percent Change (at 1994 prices) Agriculture (16.0) (3.4) 16.3 2.4 (7.8) 25.5 (30.9) 27.7 Mining (4.9) (16.3) 11.4 2.6 (1.3) (6.4) 111.2) (1.7) Manufacturing 13.6) (6.1) 67.7 (0.0) 1.4 28.8 (11.2) 7.5 Tourism 26.4 27.0 10.3 (1.1) (16.1) (6.4) (12.81 7.6 Energy 1.6 17.4 (20.2) (14.0) (13.8) (7.4) (42.8) 22.4 Transportation 121.6) 2.4 33.6 6.7 19.9 60.3 (44.1) (5.1) Housing 23.1 3.8 (2.0) 10.4) (0.0) 1B.1 18.6 2.6 Education 11.5) 17.1 20.5 9.2 22.3 21.8 (47.0) 4.1 Health 11.0) 34.4 45.1 15.9 20.6 25.4 (15.5) (27.5 Other Services (12.4) (8.7) 16.3 12.8 13.7 10.0 (26.2) 0.0 Total 0.1 3.0 14.4 1.8 4.3 23.6 117.0) 3.1 1/ SPO Estinate, Octobwr 1995 Source: PO  Table 5a. Turkey: Publie Fixed Capital Invwetments (by Sectors, 1987-1995) 1987 1988 1989 1990 1991 1992 1993 1994 1995 Estlm 1/ A. At Current Puce. (TL BDion) Agriculture 654 1,046 1,788 2,669 6,302 7,244 13,790 19,101 42,272 Mining 304 610 561 948 1,e64 2,781 3.628 4,669 7,502 Manufacturing 484 678 789 1,252 2,392 4,366 4,577 6,734 15,973 Tourism 124 176 189 324 721 1,311 2,540 4,007 7,853 Energy 1,716 3,080 5,177 6,007 7,990 11,803 17,223 22,164 48,083 Transportation 2,534 3,403 5,213 9,422 17,397 29,686 61,276 82,220 115,264 Housing 118 205 320 1,098 1,047 2,118 1,798 3,280 4,650 Education 356 639 1,070 1,908 3,388 6,855 13,213 14,188 29,148 Health 116 203 373 770 1,226 2,633 6,427 7,698 11,080 Other Services 1,073 1,512 1,876 3,296 6,469 12.498 20,862 31,836 54,420 Total 7,480 11,452 17,346 27,684 47,585 81,295 144,133 194,896 336,243 B. At 1994 Prices (TL BSonl Agriculture 27,976 22,703 26,808 26,333 29,726 26,709 28,118 19,101 23,329 Mining 12,764 11,416 8,448 9,784 10,157 10,6e9 8,340 4,669 4,091 Manufacturing 19,728 14,701 11,914 12,971 15,262 17,199 11,462 5,734 8,694 Tourism 6,136 3,902 2,876 3,278 4,384 4,991 5,995 4,007 4,326 Energy 68,874 68,268 79,630 63,173 51,328 46,669 42,767 22,164 26,000 Transportation 107,042 76,503 79,692 97,270 106,206 112,828 140,813 82,220 62,856 Housing 6,051 4,463 4,765 10,555 6,847 7,668 3,831 3,280 2,612 Education 14,646 14,144 16,289 19,495 21,010 26,468 31,961 14,188 15,979 Health 4,838 4,486 5,640 7,705 7,306 9,877 12,500 7,698 6,133 Other Services 42,274 33,450 28,643 34,595 42,277 50,158 53,522 31,836 29,408 Total 308,216 254,034 264,704 285,159 293,491 312,023 339,298 194,896 183,427 C. Shares hI Total (at Current Pricesl Agriculture 8.7 9.1 10.3 9.6 11.1 8.9 9.6 9.8 12.6 Mining 4.1 4.5 3.2 3.4 3.5 3.4 2.5 2.4 2.2 Manufacturing e.6 5.9 4.5 4.5 5.0 5.4 3.2 2.9 4.8 Tourism 1.7 1.6 1.1 1.2 1.5 1.8 1.8 2.1 2.3 Energy 22.9 26.9 29.8 21.7 16.8 14.5 11.9 11.4 14.3 Transportation 33.9 29.7 30.1 34.0 36.6 35.5 42.5 42.2 34.3 Housing 1.6 1.8 1.8 4.0 2.2 2.6 1.2 1.7 1.4 Education 4.8 5.6 6.2 6.9 7.1 8.4 9.2 7.3 8.7 Health 1.5 1.8 2.1 2.8 2.6 3.2 3.8 3.9 3.3 Other Services 14.3 13.2 10.8 11.9 13.6 15.4 14.3 16.3 18.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 D. Annual Percent Change (at 1994 prices) Agriculture (18.8) 18.1 (1.8) 12.9 (13.5) 9.4 (32.1) 22.1 Mining 110.5) (26.0) 15.8 3.8 4.1 (21.1) (44.0) (12.4 Manufacturing (26.5) (19.0) 8.9 17.6 12.8 (33.4) (50.0) 51.6 Tourism (24.0) (26.3) 14.0 33.7 13.8 20.1 (33.2) 8.0 Energy (0.9) 16.6 (20.7) (18.7) (S.1) (8.3) (48.2) 17.3 Transportation (28.6) 4.2 22.1 9.2 6.2 24.8 (41.8) (23.6 Housing (11.6) 6.8 121.6 (44.6) 29.4 (49.4) (14.4) (20.4 Education (2.8) 15.2 19.7 7.8 26.0 20.7 (56.6) 12.6 Health (7.3) 25.7 36.6 (5.2) 35.2 26.6 (38.4) 120.3 Other Services (20.9) 114.4) 20.8 22.2 18.6 6.7 140.5) (7.6) Total 017.6) 4.2 7.7 2.9 6.3 8.7 (42.6) (5.9) 1/ SPO Estmate, October 1995 source: SPO  Table 5b.Turkey: Private Fixed Capital Investments by Sectors (by Sectors, 1987-19951 1987 1988 1989 1990 1991 1992 1993 1994 1995 Estin 11 A. At Current Prices (TL BEloni Agriculture 619 949 1,043 2,219 3,157 5,211 12.030 20,284 49,873 Mining 143 276 426 684 1,111 1,636 3,293 9.182 17,307 Manufacturing 2,778 4,763 6,880 16,306 26,414 41,736 87,219 192,071 378,115 Tourism 338 882 1,838 3,101 4,777 6,143 8,891 18,026 35,179 Energy 71 205 401 512 1,191 1,030 1,708 4,601 12,457 Transportation 1,294 2,034 3,043 8,680 10,777 25,009 69,188 93,841 194,582 Housing 6,034 11,884 18,702 28,952 48,695 77,994 157.719 383,349 664.687 Education 66 123 236 444 830 1,441 2,961 6,236 9,635 Health 69 104 239 690 1,400 2,432 5,044 11,884 14,532 Other Services 600 1,067 1,683 2,721 4,335 7,509 13,681 31,876 63,528 Total 11,011 22,286 34,490 62,209 101,688 170,141 361,733 751,291 1,439,79 B. At 1994 Prices (TL Blilon) Agriculture 22,814 20,450 14,886 21,766 19,531 19,694 28,871 20,264 26,951 Mining 5,606 6,036 6,163 6,489 6,623 5,902 7,236 9,162 9,610 Manufacturing 101,616 102,358 97,965 160,314 158,020 168,416 211,167 192,071 203,980 Tourism 13,388 19,332 26,634 29,271 27,804 22,006 19,277 18,026 19,378 Energy 2,680 4,444 5,752 4,975 7,263 3,846 4,000 4,601 6,764 Transportation 45,664 43,172 42,850 86,428 68,440 96,663 174,073 93,841 104,163 Housing 210,454 260,800 270,546 269,377 262,976 261,180 305,389 363,349 373,305 Education 2,540 2,680 3,404 4,240 4,912 6,237 6,693 6,236 5,282 Health 2,776 2,288 3,461 6,500 8,006 8,677 10,644 11,864 8,044 Other Services 22,112 22,982 24,019 26,673 26,823 28,379 32,835 31,876 34,330 Total 429,661 484,642 496,678 685,022 690,297 609,888 800,083 751,291 791,707 C. Shares In Total (at Currnnt Prices) Agriculture 5.6 4.3 3.0 3.6 3.1 3.1 3.3 2.7 3.5 Mining 1.3 1.2 1.2 1.1 1.1 1.0 0.9 1.2 1.2 Manufacturing 25.2 21.4 19.9 26.2 25.0 24.6 24.1 25.6 28.3 Tourism 3.1 4.0 5.3 5.0 4.7 3.6 2.5 2.4 2.4 Energy 0.6 0.9 1.2 0.8 1.2 0.6 0.5 0.6 0.9 Transportation 11.8 9.1 8.8 10.7 10.6 14.7 19.1 12.5 13.5 Housing 45.7 53.3 54.2 46.5 47.9 45.8 43.6 48.4 46.2 Education 0.6 0.6 0.7 0.7 0.8 0.8 0.8 0.8 0.7 Health 0.6 0.6 0.7 0.9 1.4 1.4 1.4 1.6 1.0 Other Services 6.4 4.8 4.9 4.4 4.3 4.4 3.8 4.2 4.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 D. Annual Percent Change (at 1994 prices) Agriculture (10.4) 427.2) 46.1 (10.2) 0.8 46.6 (29.8) 33.0 Mining 7.7 2.1 5.3 0.5 (9.5) 22.6 26.6 3.8 Manufacturing .. 0.7 (4.3) 63.6 (1.4) 0.2 33.3 (9.0) 6.2 Tourism 44.4 37.8 9.9 (6.0) (20.9) (12.4) (6.6) 7.5 Energy 66.8 29.4 (13.5) 46.0 (47.1) 4.0 15.0 47.0 Transportation .. (5.5) (0.7) 55.0 3.0 41.2 80.1 (46.1) 11.0 Housing 23.9 3.7 (4.1) 1.4 (0.7) 16.9 19.0 2.7 Education 6.6 27.0 24.6 15.9 6.8 26.9 (5.4) (15.3 Health (17.6) 61.3 68.9 45.6 7.1 24.1 11.5 (32.2 Other Services 3.9 4.6 11.0 0.6 5.8 16.7 (2.9) 7.7 Total 12.8 2.3 18.0 0.9 3.3 31.2 (6.1) 5.4 1/ SPO Estknates, October 1995 Source: SPO  Table 6. Turkey: Industrial Production Index (Weighted by Vskue Added. 1992= 100, 1990-19951 Sector 1990 1/ 1991 1/ 1992 1/ 1993 1/ 1994 1 - -------------1994------------- -----1995------------- a_ all Gill a_v Q_1 oil 0111 A. Index Food, beverages and tobacco 96.8 104.4 100.0 108.6 109. 96.4 97.8 108.4 136. 91.8 111.6 123.2 Textile, readywear and leather 104.9 96.9 100.0 99.6 97. 96.7 88.8 92.9 109. 104.8 103.4 108.6 Forestryandfumiture 105.8 99.4 100.0 107.7 93. .94.8 89.7 81.2 107. 91.2 93.2 112.7 Paper, paper products and printing 96.7 91.1 100.0 119.2 105. 106.9 98.2 106.5 108. 102.6 116.1 125.2 Chem., oil, coal, rubber & plastic 97.3 96.9 100.0 107.4 102. 100.9 94.4 107.3 107. 108.6 117.4 126.0 Non-metallic mineral products 85.6 89.6 100.0 106.1 101. 93.4 104.2 111.6 96. 90.8 120.2 129.4 Basic Metals 101.9 94.0 100.0 113.7 108. 107.6 102.6 109.1 116. 112.9 117.7 110.3 Metal prod., machin., motor vech. 82.6 92.6 100.0 116.8 83. 101 73.6 73.9 85. 98.7 104.9 104.9 Others 97.7 72.8 100.0 101.9 68. 60.6 72.0 69.7 71. 86.6 114.3 122.3 Total Manufacturing Industry 92.9 95.4 100.0 108.2 101. 100.3 92.5 100.9 112. 100.5 109.9 118.5 1/ Annual Averages Source: SIS  Table 7. Turkey: Developments in the Domestic Labor Market fhi thounds. 12+ age, 1990-19951 1990 1991 1992 1993 1994 1995 Apr. Oct. Apr. Oct. Apr. Oct. Apr. Oct. Apr. Oct. Apr. Civilian Labor Force 20,629 21.562 21,637 21,238 21,303 21,703 21,310 21,628 22,179 22,138 22,446 Civilion Emplyment 18,697 19,947 20,019 19,462 19,578 19,959 19,701 19,906 20,315 20,397 20,833 Unempboyed 1,831 1,616 1,619 1,787 1,724 1,745 1,607 1,722 1,864 1,740 1,613 Unemployment Rate fin %) 8.9 7.6 7.5 8.4 8.1 8.0 7.6 8.0 8.4 7.9 7 Urban 13.7 10.9 12.3 12.3 12.2 12.0 11.5 12.0 12.8 11.1 11 Rural 6.4 4.9 4.0 6.5 4.8 4.9 4.4 4.5 4.8 6.1 4 Underemployment 1,163 1,618 1,533 1.379 1,731 1,591 1,385 1,570 1,680 1,931 1,573 Underemployment Rate (in %) 5.7 7.0 7.1 6.5 8.1 7.3 6.6 7.3 7.6 8.7 7 Rate of Unemployment & and Underemployment (in %) 14.6 14.6 14.6 14.9 16.2 15.4 14.0 16.2 16.0 16.6 14 Civilian Employment by Sector Agriculture 9,110 9,356 9,863 9,253 8,631 8,913 9,356 8,643 9,591 9,023 9,879 Industry 3,745 4,274 4,174 4,109 4,167 4,640 4,160 4,462 4,462 4,473 4,359 Mining 177 218 150 220 152 203 123 166 191 159 167 Manufacturing Ind. 2,520 2,961 2,974 2,729 2,885 3,284 2,730 3,002 3,082 2,985 2,936 Electricity,Gas&Water 80 66 66 71 61 68 94 113 104 97 107 Construction 968 1,039 994 1,089 1,069 1,086 1,213 1,172 1,085 1,232 1,149 Services 5,846 6,317 6,986 6,092 6,781 6,406 6,189 6,812 6,261 6,900 6,697 Transportation 784 851 812 802 897 841 884 969 809 917 827 Commerce 2,116 2,278 2,191 2,249 2,382 2,492 2,293 2,645 2,317 2,647 2,670 Financial Institution 401 436 424 437 493 462 396 492 473 474 431 Other Services 2,544 2,762 2,659 2,604 3,009 2,610 2,616 2,816 2,662 2,862 2,769 Source: SIS, (Results of Household Labor Force Surveyl  Table 8. Turkey: Wholesale Prie Index 11987-100, 1990-19961 Average Annual Changes Year-End Changes 1990 1991 1992 1993 1994 199 1990 1991 1992 1993 1994 1995 Wholsasb Prie Index (WPI) 52.30 55.35 62.09 58.40 120.70 98. 48.62 59.22 61.40 60.26 149.56 64.90 Public sector WPI 66.66 61.34 65.21 64.51 122.60 77. 52.67 56.56 66.85 55.21 149.37 48.20 Private sector WPI 50.63 52.95 60.78 60.08 119.90 93. 46.99 60.36 59.12 62.46 149.62 71.80 Agriculture 70.59 60.86 62.71 62.22 97.80 118. 47.86 68.93 49.26 75.56 133.97 91.10 Manufacturing 46.84 65.33 69.67 56.58 129.40 83.6 48.62 55.14 63.41 64.68 169.13 68.90 Mining 48.68 63.25 60.30 57.96 132.80 76.6 61.27 66.28 57.04 63.91 144.23 68.80 Energy 56.54 76.10 97.73 67.77 102.30 47.8 46.13 84.64 94.66 75.09 100.92 35.70 Monthly Changes hi 1994 Jan. Feb. March Apr. May June July Aug. Sept. Oct. Nov. Dec. Wholeale Price Index 5.29 10.05 8.49 32.85 8.98 1.89 0.87 2.73 5.41 6.88 6.40 8.35 Public sector WPI 5.66 6.76 3.61 56.16 6.32 0.26 2.25 4.06 2.03 2.81 4.14 12.16 Private Sector WPI 5.17 11.42 10.44 24.50 10.69 2.61 0.28 2.14 6.93 8.62 7.32 6.85 Agriculture 4.89 11.52 12.76 7.47 6.96 2.73 (2.82) 0.27 13.46 14.68 9.46 9.28 Manufacturing 4.83 10.40 7.76 41.42 9.82 1.57 1.60 3.20 3.95 5.49 6.12 8.05 Mining 1.79 8.36 5.20 27.82 29.06 4.80 2.42 3.20 3.09 2.73 2.60 6.02 Energy 13.98 2.28 2.48 35.80 2.08 2.26 4.68 4.29 0.33 0.04 0.03 8.23 Monthly Chenges hI 1995 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Wholsale Prce Index 8.35 7.00 6.12 3.94 1.68 1.28 2.39 2.90 4.80 4.40 4.30 4.10 Public sector WPI 6.64 6.10 4.34 3.99 2.96 2.67 2.45 1.40 2.20 1.80 2.80 2.90 Private Sector WPI 9.06 7.40 6.84 3.92 1.17 0.72 2.37 3.60 5.80 5.40 4.90 4.50 Agriculture 10.45 13.90 12.96 4.63 12.32) (3.94) (1.67) 2.40 10.90 9.10 7.60 4.60 Manufacturlng 8.30 6.30 4.00 3.82 2.93 2.98 3.54 2.70 2.90 3.00 3.40 4.10 Mining 2.89 7.30 5.87 1.37 5.26 1.85 5.08 3.10 5.10 4.40 6.20 5.70 Energy 2.72 0.90 3.52 3.18 3.16 3.09 4.20 4.30 4.50 1.40 0.10 0.00 Soe: So  Table 9. Turkey: Consumer Price Index 11987- 100. 1990-1996) Avege Annual Change Yer-End Change 1990 1991 1992 1993 1994 199 1990 1991 1992 1993 1994 1995 Genel Index 60.31 65.97 70.08 66.09 106.30 93.e 60.41 71.14 65.97 71.08 125.50 78.90 Foodstuffs 64.35 67.11 71.30 63.61 110.00 97.2 59.72 80.44 60.42 72.71 136.20 74.30 Housing 54.88 69.83 77.00 71.82 91.00 90.0 61.36 69.44 76.74 74.37 100.00 85.20 Clothing 69.71 67.30 60.10 66.41 104.80 110.1 59.40 65.44 65.34 66.32 136.20 90.80 Health&PersonalCare 6f.27 83.64 70.40 68.35 113.10 82.3 52.08 86.83 71.67 76.38 108.10 76.10 Transportation 68.26 76.06 74.60 66.85 108.00 77.7F 81.31 65.47 66.65 63.59 114.90 64.00 Monthly Changes in 1994 Jan. Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec General Index 4.41 6.01 5.20 24.70 10.00 0.90 1.70 2.00 7.20 9.50 8.10 6.30 Foodstuffs 3.40 8.90 6.80 30.40 8.80 (3.00) (1.60) (0.80) 8.90 13.00 9.80 8.20 Housing 7.40 4.70 2.60 14.10 6.20 4.50 5.00 4.70 8.50 6.30 3.80 6.10 Clothing (0.60) 0.10 6.40 19.90 12.60 3.50 1.60 0.90 7.70 18.10 15.80 5.60 Health&Personal Care 7.50 8.10 3.00 21.00 13.30 6.70 7.40 4.60 1.70 1.50 1.70 1.80 Transportation 3.20 5.00 3.60 47.70 6.70 0.50 1.80 3.30 2.40 1.10 1.80 9.00 Monthly Changes hi 1995 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. General Index 6.80 5.70 4.10 6.40 3.20 2.00 2.90 3.90 8.00 7.80 5.50 3.50 Foodstuffs 6.80 8.40 4.20 6.30 1.00 0.30 2.40 4.00 7.80 8.20 4.30 3.60 Housing 10.10 6.90 3.60 3.20 3.80 2.80 4.60 4.90 9.40 6.20 6.00 3.10 Clothing 1.40 (0.10) 3.50 12.70 8.20 3.60 2.40 0.10 6.40 17.50 11.60 2.60 Health& Person Care 16.80 4.60 6.50 6.10 1.70 2.60 4.40 6.20 2.30 1.90 3.40 3.30 Transportation 8.90 8.30 3.70 6.60 3.60 3.40 3.10 2.60 2.70 1.80 2.80 4.60 Source: SIS  Table 10. Turkey: Public Sector Revenues and Expenditures (hi TL bilious, 1990-19951 1990 1991 1992 1993 1994 1995 Estim 1/ Tax Revenues 62,131 104,709 192,998 355,196 730,053 1,364,665 a.Direct 26,963 44,533 80,150 142,615 309,073 501,833 b.lndirect 35,181 68,895 110,780 208,925 409,011 837,767 c.Taxes on wealth 997 1,281 2,069 3,657 11,969 15,065 Non-tax Revenues 5,409 8,271 14,563 27,867 58,135 89,411 Factor Incomes and Social Funds 12,765 2,251 (5,380) (6,642) 26,403 57,918 Total Revenues 80,304 115,231 202,182 376,421 814,591 1,601,994 Current Expenditures 39,627 71,154 135,736 245,710 418,750 716,847 Investment Expenditures 34,229 47,495 73,417 146,694 144,264 310,317 Fixed Capital Investments 27,649 46,822 80,069 144,134 194,896 336,243 Changes in Stocks 6,680 673 (6,652) 1,561 (50,632) (25,926) Transfer Expenditures 29,492 47,847 87,615 197,213 465,683 849,657 Stock Revaluation Fund 6,281 13,374 22,206 31,848 100,927 88,418 Total Expenditures 109,629 179,869 318,974 620,466 1,129,624 1,965,239 PSBR 2/ 29,324 64,638 116,792 244,044 315,034 463,245 1/ SPO Estimates, October 1995 2/ Including financial SOEs Source:SPO  Table 1 Oa. Turkey: Public Sector Revenues and Expenditures (in percent of GNP, 1990-19951 1990 1991 1992 1993 1994 1995 Estim. 1 Tax Revenues 15.64 16.51 17.49 17.78 18.78 17.89 a.Direct 6.63 7.02 7.26 7.14 7.95 6.63 b.lndirect 8.86 9.28 10.04 10.46 10.52 11.06 c.Taxes on wealth 0.25 0.20 0.19 0.18 0.31 0.20 Non-tax Revenues 1.36 1.30 1.32 1.40 1.50 1.18 Factor Incomes and Social Funds 3.21 0.35 (0.49) (0.33) 0.68 0.76 Total Revenues 20.22 18.16 18.32 18.85 20.96 19.83 Current Expenditures 9.98 11.22 12.30 12.30 10.77 9.46 Investment Expenditures 8.62 7.49 6.65 7.29 3.71 4.10 Fixed Capital Investments 6.96 7.38 7.26 7.22 5.01 4.44 Changes in Stocks 1.66 0.11 (0.60) 0.08 (1.30) (0.34) Transfer Expenditures 7.43 7.54 7.94 9.87 11.98 11.22 Stock Revaluation Fund 1.58 2.11 2.01 1.69 2.60 1.17 Total Expenditures 27.60 28.35 28.90 31.06 29.05 25.95 PSBR 2/ 7.38 10.19 10.68 12.22 8.10 6.12 1/ SPO Estimates, October 1995 2/ Including financial SOEs Source:SPO  Table 11. Turkey: Sectoral Distribution of the Public Sector Borrowing Requirement (in TL bilon. 1990-19951 1990 1991 1992 1993 1994 1995 Estim. 1/ Consolidated Budget 11.956 33,516 47,434 133,676 162,180 263,000 SOEs 16,044 22,326 44,014 62,974 81,011 76,103 - Non-Financial SOEs 15,801 21,201 41,641 55,261 47,264 64,889 - SOEs Under Privatization 927 2,383 7,701 14,049 26,142 16,939 - Financial SOEs (684) (1,258) (6,228) (6,336) 7,615 5,275 Local Governments 55 1,900 8,788 18,872 22,116 31,332 Revolving Funds (68) 76 78 86 261 1,907 Social Security Ins. (1,086) 875 2,603 11,536 22,569 38,173 Extra Budgetary Funds 2,424 5,945 13,876 16,899 36,897 62,731 PSBR 29,324 64,638 116,793 244,043 315,034 463,245 1/ SPO Estimates, October 1995 Source: SPO  Table 11a. Turkey: Sectoral Distribution of the Public Sector Borrowing Requirement (in percent of GNP, 1990-1995) 1990 1991 1992 1993 1994 1995 Estim. 1/ Consolidated Budget 3.01 5.28 4.30 6.69 3.91 3.47 SOEs 4.04 3.52 3.99 3.15 2.08 1.00 - Non-Financial SOEs 3.98 3.34 3.76 2.77 1.22 0.72 - SOEs Under Privatization 0.23 0.38 0.70 0.70 0.67 0.21 - Financial SOEs (0.17) (0.20) (0.47) (0.32) 0.20 0.07 Local Governments 0.01 0.30 0.80 0.94 0.57 0.41 Revolving Funds (0.02) 0.01 0.01 0.00 0.01 0.03 Social Security Ins. (0.27) 0.14 0.24 0.58 0.68 0.50 Extra Budgetary Funds 0.61 0.94 1.26 0.85 0.95 0.70 PSBR 7.38 10.19 10.58 12.22 8.10 6.12 1/ SPO Estimates, October 1995 Source: SPO  Table 12. Turkey: Consolidated Central Government Budget (In TL bilions, 1990-19951 1990 1991 1992 1993 1994 1995 Estim. 1/ Revenues 55,239 96,746 174,224 351,392 745,116 1,409,000 General Budget 64,576 95,799 172,844 348,035 739,950 1,403,000 Tax Revenues 45,400 78,643 141,602 264,273 587,760 1,090,000 Non-tax Revenues 4,267 3,926 7,649 17,636 48,366 113,000 Special Revenues and Funds 4,909 13,230 23,593 66,126 103,826 200,000 Grants 1,636 8.434 1,700 2,715 974 8,000 Transfers from EBFs 3,274 4,796 21,893 63,411 102,851 192,000 Annex Budget 663 947 1,380 3,357 5,166 6,000 Expenditures 67.193 130,263 221,658 485,249 897,296 1,672,000 Current 33,380 60,403 114,221 204,829 346,469 625,000 Personnel 26,465 49,291 94,076 169,511 273,062 490,000 Other Current 6,915 11,112 20,145 35,318 73,407 135,000 Investment 8,902 17,146 29,239 53,161 72,788 91,000 Transfers 24,911 52,714 78,198 227,259 478,039 956,000 of which Interest Payments 13,966 24,073 40,298 116,470 298,286 595,000 Domestic 9,613 16,941 30,545 92,518 233,168 488,000 Foreign 4,353 7,132 9,753 23,952 65,117 107,000 SEE Transfers 1,252 12,191 8,145 25,850 21,029 49,000 Budget Balance (11.955) (33,5171 (47,434) (133,857) (152,181) (263.000) Deferred and Advance payments - net (400) 90 (12,005) 7,754 255 0 Cash Balance (12,355) (33,427) (59,439) (126,103) (151,9261 (263,000) Financing 12,355 33,426 59,439 126,103 151,925 263,000 Foreign Borrowing (net) 41 1,921 4,038 21,062 (67,174) (104,000) Receipts from loans 5,489 10,889 19,718 46,140 44,030 139,500 Payments on Loans (6,448) (8,968) (15,680) (26,078) (111,204) (243,5003 Domestic Borrowing (net) 10,205 25,787 56,780 105,386 225,736 367,000 Medium and Long term 7,942 2,279 15,408 30,135 (70,339) 174,400 Receipts 12,523 11,510 35,657 64,820 24,858 316,200 Payments (4,581) (9,231) (20,249) (34,685) (95,197) (141,800) Short-term (net) 1,932 12,789 23,978 22,241 244,217 143,100 Central Bank Advances (net) 331 10,719 17,394 53,010 51,857 49,500 Other 2,109 5,718 (1,379) (345) (6,6363 0 I/ SPO estinates, October 1995 Source: SPO  Table 13. Turkey: Consolidated Accounts of Extra Budgetary Funds, (in TL billions, 1990-19951 1990 1991 1992 1993 1994 1995 Estim. 1/ Revenue 18,486 26,764 48,867 89,334 132,468 247,093 Tax Revenues 11,199 15,995 33,699 57,029 69,822 129,691 Non-Tax Income 1,722 3,040 3,956 6,011 10,990 30,681 Factor Income 2,396 3,465 3,913 4,964 7,932 9,499 Current Transfers 957 1,005 1,611 6,123 11,047 32,084 Capital Transfers 2,212 3,259 6,678 16,207 32,666 46,268 Expenditure 20,909 32,709 62,733 106,232 169,366 299,822 Current Expenditure 1,417 2.290 4,985 9,197 17,794 32,716 Tax Expenditures 0 0 0 0 0 0 Non-Tax Expenditures 0 0 0 0 0 0 Factor Income 1,290 1,836 2,965 1,472 1,800 3,771 Currant Transfers 8,411 11,275 26,221 46,722 76,458 161,142 Capital Transfers 4,680 8,880 13,807 22,005 44,782 55,923 Fixed Investments 6,111 8,428 14,766 27,836 28,521 48,270 Surplus (+) or Deficit (-) (2,423) (6,945) (13,876) (18,899) (36,897) (62,730) -in % of GNP -0.61 % -0.94% -1.26% -0.85% -0.95% -0.70% Financing 2,423 5,946 13,876 16,899 36,897 52,730 Foreign (Net) 126 63 2,017 (921) 3,092 7,660 Drawings 537 1,567 4,924 2,150 8,100 20,201 Repayments (411) (1,504) (2,907) (3,071) (5,008) (12,551) Domestic (Net) 3,302 6,000 10,812 22,839 30,272 45,914 Change in Cash/Banks (Net) (1,005) (118) 1,047 (6,019) 3,633 (833) 1/ SPO Estimates, Octobr 1995 Source: SPO  Table 14. Turkey: Profit and Loss Statement of SOEs (in TL billions, 1990-1995) 1990 1991 1992 1993 1994 1995 Estim. 1/ Sales of goods and services 81,005 133,013 232,330 386,679 868,734 1,463,486 Other sales revenue 649 1,298 1,874 3,103 1,427 7,194 Nonoperating revenues 4,092 6,084 12,634 20,782 55,872 67,665 Total revenues 85,646 140,393 246,738 410.564 924,033 1,538,346 Costs of goods and services sold (53,399) (88,366) (155,774) (255,743) (541,831) (962,423) Depreciation (5,768) (8,626) (14,206) (21,364) (44,242) (85,339) Interest Payments (4,660) (11,327) (22,618) (40,272) (89,119) (98,349) Provisions (711) (1,326) (1,942) (3,006) (10,592) (8,022) Provision for exchange rate differences (1,613) (10,346) (13,288) (15,145) (67,738) (36,464) Other expenses (22,192) (46,630) (86,383) (136,401) (273,589) (412,091) Total expendkures (88,243) (166.519) (293,111) (471,931) (1,027,111) (1,592,687) Of which: wages and salaries (16,168) (33,161) (67,486) (99,576) (156,484) (238,942) Operating surplus/loss (2,597) (26,126) (46,373) (61,367) (103,078) (54,341) Direct taxes obligations (1,192) (1,644) (2,361) (3,768) (6,239) (32,048) Operating surplus/loss after tax (3,789) (27.770) (48,7341 (65,125) (109,317) (86,387) Subsidies 22 28 20 32 48 0 Not profit after tax (3,767) (27,742) (48,714) (65,093) (109,269) (96,3871 Of which: Declared dividends 362 189 570 835 2,213 14,244 Retained earnings (4,129) (27,931) (49,284) (65,928) (111,482) (100,631) Memorandum Items: Duty losses accrued on goods sold 1,151 5,695 15,422 11,624 18,591 23,720 Operating surplus/deficit, adjusted for (1,424) (20,403) (30,931) (49,711) (84,439) (30,621) accrued duty losses Operating surplus/deficit, adjusted for (1.6) (14.0) (11.8) (11.8) (9.0) (2.0) accrued duty losses in percent of total current revenues including accrued duty losses 1/ SPO Estimates, October 1995 Source: SPO, Treasury  Table 15. Turkey: Financing Requirement of SOEs (in TL billions, 1990-1995) 1990 1991 1992 1993 1994 1995 Estim. 1/ Fixed investment (10,028) (14,576) (22,692) (38,266) (53,061) (83,925) Change in stocks (12,908) (13,931) (16,371) (33,117) (48,478) (62,284) Change in fixed assets (160) (1,469) (547) (1,963) (6,158) (2,709) Equity in joint venture companies (80) (52) (146) (89) (705) (1,092) Legal requirements, funds (196) (264) (393) (576) (828? (3,799) Total Financing Requirement (23,362) (30,292) (39,149) (74,010) (109.230) (153,810) Internally generated funds 4,320 (6,718) (19,842) (26,169) 11,090 29,194 Retained Earnings (4,129) (27,932) (49,285) (66,927) (111,482) (100,831) Depreciation 5,768 8,525 14,206 21,364 44,242 85,339 Provisions 711 1,326 1,942 3,006 10,692 8,022 Provision for exchange rate differences 1,613 10,346 13,288 16,145 67,738 36,464 Dividends other than Treasury 367 1,017 7 263 0 0 Financing requirement from outside sources (19,042) 137,010) (58,991) (100,189) 198,140) (124,616) Budgetary transfers 1,749 13,637 9.749 32,298 24,744 53,788 Capital 1,229 11,426 8,982 26,594 24,346 63,000 Duty losses 378 1,943 495 5,320 0 20 Aid 142 168 272 386 398 769 Support and development fund 565 949 0 0 0 0 SOE's Borrowing Requirement (16,728) (22,524) (49,243) (67,871) (73,396) (70,828) Deferredpayments 13,138 24,007 46,918 75,371 211,366 190,090 Advance payments (4,540) (12,398) (12,229) (39,638) (95,913) (39,889) Cash Financing Requirement (8,130) (10,915) (14,553) (32,138) 42,057 79,374 Financing 8,130 10,915 14,563 32,138 (42,067) (79,374) Change in cash balances (609) (1,943) (6,697) (7,086) (18,055) (12,102) Securities and deposits 348 2,078 1,387 (2,035) (13,270) (22,577) Domestic bank lending, net 5,900 11,021 2,940 27,868 (17,760) (24,560) Central bank 0 3,829 (731) 8,416 (11,784) (18) Commercial banks 5,758 7,204 4,010 19,497 (7,168) (24,075) Eximbank 142 (11) (339) (45) 1,192 (487) Foreign borrowing, net 2,391 (241) 2,412 (1,316) (6,823) (24,936) Receipts 7.010 6,794 9,076 6,444 19,086 37,141 Repayments (4,619) (7,036) (6,664) (7,760) (25,909) (62,077) Government Bonds 0 0 14,609 14,707 13,860 4,800 Memo Items: GNP 397,178 634,393 1,103,605 1,997,323 3,887,903 7,574,085 SOEs PSBR / GNP 4.21% 3.55% 4.46% 3.40% 1.89% 0.94% SOEs PSBR/GNP Rate Before Budget Transfers 4.65% 6.68% 5.35% 5.02% 2.52% 1.65% 11 SPO Estimates, October 1995 Source: SPO  Table 16. Turkey: Treasury's Yearly Domestic Borrowing fIn TL blDbons, 1990-1995) Debt Repayments Borrowing Stock Principal Interest Total Principal Principal 1/ Government Bonds 4,620 6,302 10,822 12,458 18,801 Consolidated Debts 3,817 1,876 6,493 8,005 30,040 1990 Treasury Bills ,6151 1,744 8,266 8,443 5,469 Short Term Advances 17,770 114 17,884 18,102 2,870 Total 32,418 10,036 42,454 47,008 57,180 Government Bonds 6,416 10,221 16,638 11,510 24,878 Consolidated Debts 5,480 1,474 6,954 18,562 41,122 1991 Treasury Bills 21,488 4,963 26,441 34,277 18,258 Short Term Advances 41,526 2e8 41,791 62,244 13,589 Total 74,908 16,914 91,822 114,593 97,647 Government Bonds 23,580 15,898 39,478 74,971 88,387 Consolidated Debts 6,598 1,942 8,540 8,804 34,602 1992 Treasury Bills 51,937 15,033 66,970 75,928 42,247 Short Term Advances 106,222 1,214 106,436 122,832 31,000 Total 187,337 34,087 221,424 282,333 194,236 Government Bonds 65,795 42,321 108,116 172,215 190,505 Consolidated Debts 8,678 0 8,878 6,009 31,933 1993 Treasury Bills 156,909 41,612 198,621 179,151 64,488 Short Term Advances 203,077 1,485 204,652 242,498 70,421 Total 434,459 86,418 519,877 599,873 357,347 Government Bonds 157,245 111,345 268,590 206,124 239,386 Consolidated Debts 31,933 0 31,933 133,417 133,417 1994 Treasury Bills 398,937 114,016 512,953 638,878 304,230 Short Term Advances 273,472 4,551 278,023 326,329 122,278 Total 861,587 229,912 1,091,499 1,303,648 799,310 Government Bonds 94,489 109,296 203,786 366,873 511,769 Consolidated Debts 133,417 0 133,417 25,940 25,940 1995 /2 Treasury Bills 971,682 368,468 1,328,028 1,298,630 631,298 Short Term Advances 71,937 5,633 77,570 141,685 192,000 Total 1,271,405 471,395 1,742,800 1,833,102 1,361,007 1/ Excluding pubic securites Issued against lntr-publc sector debt. 2/ Provisional Sourcs: Treasury  Table 17. Turkey: Compounded Interest Rates on Government Bonds And Treasury BU1s, 1/ (Annualy Compounded Rates. h percet, 1990-19951 Jn Feb Mar Apr May Jun Ji Aug Sep Oct NOv Dc 3 ntvs 46.46 47.37 47.16 47.05 47.00 47.58 50.17 53.29 56.23 57.35 60.69 67.60 1990 6 eonts 48.28 47.70 49.28 49.50 50.50 51.27 52.08 53.69 66.48 67.95 59.72 62.72 9 nmntds 50.43 50.00 49.96 60.59 60.58 50.80 61.23 51.18 62.97 64.20 56.83 57.76 1 yw 50.77 50.26 50.41 60.54 60.33 60.39 - 50.47 50.64 62.31 63.71 58.89 3 ontxhs 66.48 74.29 81.94 87.13 92.96 86.94 86.94 85.54 87.77 94.47 98.92 88.09 1991 6 months 65.74 72.98 79.37 80.20 82.28 77.69 76.89 73.42 77.72 86.76 91.82 84.72 9 months 66.73 73.16 74.71 78.79 82.91 67.51 67.62 - 70.94 78.18 83.22 79.84 1 year 60.08 65.44 69.71 72.89 76.06 60.99 61.00 - 70.66 75.15 76.99 72.99 3 nmnths 86.94 86.81 86.81 88.09 93.62 98.39 101.66 99.52 97.86 97.85 98.19 98.46 1992 6 months 83.36 83.12 83.25 83.68 88.38 92.29 91.57 91.27 89.45 89.42 89.37 89.83 9 nwnths 76.87 76.64 76.61 78.32 80.23 82.67 81.96 81.64 81.20 81.13 81.13 81.59 1 year 71.94 71.51 71.78 72.60 74.41 77.39 78.17 77.63 77.24 77.61 77.64 77.83 3 nnmths 98.46 90.03 83.13 84.08 86.17 86.64 85.54 83.83 82.25 79.57 - - 1993 6 months 89.83 89.94 83.22 87.14 - 87.88 88.79 89.72 84.82 82.09 - - 9 nwtnhs 82.50 86.06 84.74 - 87.64 87.95 88.71 89.78 90.12 86.88 86.22 87.86 1 year 78.09 79.99 82.27 83.87 85.26 86.89 86.61 87.38 87.97 86.69 87.91 89.23 3 nwHndw - 142.89 142.19 - 210.56 293.46 146.63 131.68 122.48 106.46 126.96 137.57 1994 6 nmthe - 97.99 128.16 - - 190.77 169.71 145.08 131.34 121.03 - 134.70 9 onths 98.92 129.15 - 123.02 - 137.18 - - - - - 1 yer 94.00 125.00 129.99 126.68 222.64 - - - - - - 3 mindue 284.16 - - 102.84 108.95 93.76 89.00 87.97 - - 187.70 1996 0mnd,in - 153.51 - 96.87 109.73 123.74 - - - 9 nwnd*. - - 117.21 94.30 111.71 - - 90.92 - - - 1 y r - 123.34 97.99 115.82 - 105.07 99.83 - - - 1/ lwegadw Mmtmkse id PAI Offesg a not huchaded. Sounmu Treasy  Table 18. Turkey: Central Bank Analytical Balance Sheet (hi Tn bom, Yew-End, 1990-199S) 1990 1991 1992 1993 1994 1996 Asst 60,987 96.789 177.244 28S,801 993.006 1,364.188 Foreign Assets 26,583 38,736 76,768 128,126 388,701 896,790 Domestic Assets 36,404 68,063 101,486 167,675 324,304 467,398 Cash Operations 8,996 25.624 66,761 125,761 190,499 432,047 Cash Credits to the Public Sect. 5,324 22,904 62,602 108,482 214,161 429,168 Cash Credits to the Banking Sect. 5,320 5,296 9,442 18,862 12,327 12,241 Other Items ( Net) (1,648) (2,576) (5,293) (1,693) (35,989) (9,352) Evakuation Account 26,408 32,429 34.736 31,924 133,806 36,351 Lkbbde 60,987 96,789 177,244 285,801 693.005 1.384,188 Total FX Liabilities 37,160 52,796 89,407 167,688 499,866 986,666 Foreign Liabilities 26,132 38,340 61,347 111.133 390,084 725,024 Domestic Uabilities 11,018 14,456 28,060 46,655 109,781 261,632 FX Deposits of Non-Banks 4,605 6,243 10,798 16,692 14,237 108.776 FX Deposits of the Banking Sect. 6,413 9,213 17,262 29,863 96,644 162,856 Central Bank Money 23,837 43,993 87,837 128,113 193,140 377,532 Reserve Money 31,848 49,610 83,078 135,200 247,636 461,398 Currency Issued 14,074 21,288 36,838 63,104 120,212 222,492 Banking Sector Deposits 8,887 14,161 23,120 38.048 63,662 114,463 Reqpired Reserves 7,323 11,227 19,064 30,341 57,510 105,479 free Deposits 1,664 2,934 4,066 6,707 6,152 8,974 Other CB Money 876 8,544 27,879 28.961 9,266 40,587 Deposits of Public Funds 368 1,488 693 1,491 657 5,144 Deposits of Non-bank Private Sector 552 307 544 1,078 1,207 2,411 Open Market Operations (Nut) (927) 6,584 21,779 21,836 1,138 22,682 Pubic Sector Deposits 893 1,165 4,863 4,557 6,264 10,370 Se_: Ce_n 3m  Table 19. Turkey: Monetary Aggregates In TL bUlons, Year-End. 1990-1995) 1990 1991 1992 1993 1994 1995 I/ Ml 31,398 48,793 78,341 129,087 230,847 398,047 Currency in Circulation 11,378 17,449 30,389 51,646 102,328 189,642 Demand Deposits 20,020 29,344 47,962 77,442 128,519 206,506 Central Bank 28 19 184 307 177 60 Deposit Money Banks 19,993 29,326 47,768 77,136 128,341 206,466 M2 71,570 117.118 190,736 282,442 630.348 1,270,423 Ml 31,398 46,793 78,341 129,087 230,847 396,047 Time Deposits 40,172 70,325 112,395 153,366 399,501 874,376 M2Y 93,363 168,054 293,970 473,059 1,195.353 2,825,517 M2 71,570 117,118 190,736 282,442 630,348 1,270,423 Rekdlent's FX Deposits 21,793 60,936 103,234 190,617 665,005 1,366,094 Central 1ank 743 1,046 1,843 3,827 3,130 n.e Depoit Money Banks 21,051 49,889 101,391 186,790 661,876 n.a 11 PmvbhSd Sos: Cagu B" Cswitouly and Weld Bumahe  Table 20a. Turkey: Exports by Sectors (in US$ millions, 1990-19951 1990 1991 1992 1993 1994 1995 Jan-Oct. Agriculture and Livestock 2,347 2,683 2,203 2,365 2,467 1,720 Crops 2,062 2,406 1,999 2,014 2,143 1,520 Cotton 161 169 46 146 31 3 Tobacco 417 564 309 396 395 181 Hazelnuts 453 366 291 413 496 430 Raisins 151 144 129 134 176 146 Others 882 1,163 1,224 926 1,044 761 Livestock Products 218 218 140 294 245 147 Fishery Products 57 50 50 44 53 44 Forestry 12 10 14 14 18 9 Mining and Quarry Products 332 286 264 239 272 301 Industrial Products 10,281 10,625 12,247 12,741 15,377 15,160 Processed Agricultural Products 941 1,212 1,337 1,369 1,765 1,660 Petroleum Products 287 277 231 172 235 230 Other Industrial Products 9,064 9,136 10,678 11,201 13,377 13,270 Cement 77 111 139 90 145 118 Chemicals 616 464 491 468 576 672 Rubber and Plastic 238 316 380 385 450 448 Hides and Leather Products 749 620 568 652 560 511 Forestry Products 21 16 28 23 41 45 Textiles 4,061 4,328 5,268 5,421 6,286 6,644 Glass and Ceramics 326 368 396 380 431 438 Iron and Steel 1,612 1,462 1,568 2,011 2,369 1,858 Non-Ferrous Metal 262 174 164 173 215 277 Metal Products 26 33 76 44 63 62 Machinery 205 232 322 349 639 663 Electrical Appliances 440 633 591 665 682 681 Motor Vehicles 211 265 382 380 603 811 Others 210 245 316 369 528 454 Total 12,959 13,594 14,715 16,345 18,106 17,181 Sources: SIS, SPO, Treasury  Table 20b. Turkey: Imports by Sectors (in US$ millions, 1990-1995) 1990 1991 1992 1993 1994 1995 Jan-Oct Agriculture and Livestock 1,319 808 1,179 1,664 1,209 1,896 Wheat 387 22 14 179 76 170 Rice 63 42 100 86 65 88 Merino Wool 68 34 72 66 31 68 Others 811 710 993 1,344 1,046 1,680 Mining and Quarrying 3,989 2,992 3,054 3,041 2,969 2,865 Crude Oil 3,619 2,456 2,632 2,650 2,432 2,464 Coal 289 312 229 280 349 176 Others 182 223 193 211 188 236 Industrial Products 16,994 17,248 18,638 24,724 19,092 23,056 Processed Agricultural Products 1,401 1,172 1,139 1,280 1,029 1,469 Soya Bean Oil 58 57 69 105 81 81 Other Vegetables Oil 200 288 304 250 323 367 Cigarettes 313 279 176 215 33 2 Other 830 549 689 711 593 1,029 Petroleum Products 806 962 865 1,076 974 1,069 Other Industrial Products 14,788 15,114 16,634 22,368 17,089 20,518 Cement 46 22 18 18 12 11 Chemicals 2,452 2,484 2,625 2,981 2,647 3,468 Rubber and Plastic 804 841 979 1,166 1,003 1,439 Hides and Leather Products 124 117 132 179 18s 196 Forestry Products 21 23 26 40 29 39 Textiles 579 667 730 1,063 1,136 1,488 Glass and Ceramics 182 181 196 217 179 227 Iron and Steel 1,931 2,011 2,118 3,089 2,401 2,910 Non-Ferrous Metal 637 451 426 470 443 647 Metal Products 106 121 135 190 140 166 Machinery 3,754 3,756 4,042 5,200 3,724 4,060 Electrical Appliances 1,570 1,868 1,746 2,012 1,767 1,658 Motor Vehicles 1,603 1,658 2,239 4,046 2,162 2,644 Others 1,079 1,154 1,223 1,719 1,260 1,578 Total 22,302 21,047 22,871 29,428 23,270 27,816 Sources: SIS, SPO, Tresury  Table 21. Turkey: Distribution of Export & Import by Countries (in US$ millions, 1990-19953 1990 1991 1992 1993 1994 1995 Jan-Oct. Exports to: 12,959 13,593 14,715 15,345 18,107 17,180 OECD Countries 8,810 8,865 9,345 9,067 10,768 10,628 EU Countries 6,893 7,041 7,601 7,289 8,636 8,904 EFTA Countries 618 591 632 558 277 234 Other 1,300 1,223 1,112 1,221 1,848 1,490 Islamic Countries 2,498 2,730 2,782 2,805 3,052 2,525 Other European countries 1,003 1,162 646 764 893 1,047 Other Countries 648 856 1,942 2,709 3,404 2,980 Imports from: 22,302 21,047 22,871 29,429 23,268 27,815 OECD Countries 14,224 14,071 15,429 20,000 15,331 18,090 EU Countries 9,328 9,222 10,044 13,874 10,916 12,963 EFTA Countries 1,167 1,215 1,411 727 653 637 Other 3,729 3,634 3,975 5,399 3,853 4,489 Islamic Countries 3,854 3.188 3,416 3,619 3,372 3,647 Other European countries 2,234 2,025 976 1,083 759 944 Other Countries 1,989 1.763 3,051 4,828 3,806 6,234 Source: SPO  Table 22. Turkey: Balance of Payments (In US$ miilons, 1990-1995) 1990 1991 1992 1993 1994 1995 Jan-Oct A. Current Account Merchandise exports, FOB 13,025 13,867 14,891 15,810 18,390 17,470 Exports FOB in trade returns 12,959 13,593 14.715 15,344 18,106 17180 Transit trade 68 74 178 266 284 290 Merchandise imports, FOB (22,680) (21,007) (23,082) (29,772) (22,608) (27,591) Imports CIF in trade returns (22,302) (21,047) (22,872) (29,429) (23,270) -27816 Imports of nonmonetary gold (1,632) (1,161) (1,430) (1,881) (480) -1188 Transit trade (45) (64) (151) (229) (251) -267 Freight and ins, on Import 1,299 1,265 1,371 1,767 1,395 1870 Trade Balance (9,555) (7,340) (8,191) (14,182) (4,216) (10,121) Other goods, services, and Income: Credit 8,933 9,315 10.461 11,843 11,691 13,804 Travel 3,225 2,654 3,639 3,959 4,321 4518 Interest 917 935 1,012 1,135 890 1188 Other 4,791 5,726 5,800 6,749 6,480 8120 Other goods, services, and income: Debit (8,496) Ws6,18) (7,262) (7,829) (7,938) (7,727) Travel 1520) (592) 1778) (934) (866) (777) Interest (3,264) (3,430) (3,217) (3,461) (3,923) (3,534) Other (2,712) (2,794) (3,269) (3,434) (3,147) (3,416) Total : Goods, services, and income 17,118) (4,841) (6,002) (10,148) (461) (4,04) Private unrequited transfers: Credit 3,374 2,879 3,147 3,036 2,709 3,033 Migrant' transfers 0 0 0 0 0 0 Workers' remittances 3,246 2,819 3,008 2,919 2,627 2,949 Other 128 60 139 118 82 84 Private unrequited transfers: Debit (25) (25) 0 0 0 0 Official unrequited transfers: Credit 1,144 2,245 912 733 383 941 Workers' remittances 79 82 66 44 37 31 Other (net) 1,065 2,163 846 6s8 346 910 Current Account Balance (2,625) 258 (943) (6,380) 2,631 (70) B. CapItal account 4,037 (2,397) 3,648 8,963 (4,194) 5,920 Foreign direct investment 700 783 779 622 559 276 Portfolio investment 547 648 2,411 3,917 1,158 1,258 Other long term capital (2101 (808) (938) 1,370 (784) (226) Drawings 3,679 3,784 3,623 4,857 3,349 3,272 Dresdner 49 (497) 410 925 1,316 1,298 Repayments (3,938) (4,096) (4,871) (4,412) (5,448) (4,796) Short term capital 3,000 (3,020) 1,396 3,054 (5,127) 4,813 Assets (409) (2,563) (2,438) (3,291) 2,423 929 Credits extended 166 (811) (327) (289) (38) 620 Total changes in holdings (565) (1,752) (2,111) (3,002) 2,461 309 Liabilities 3,409 (457) 3,834 6,345 (7,660) 3,684 Credits 2,520 590 4,091 5,681 (7,495) 3,293 Deposits 889 (1,047) (257) 664 (65) 391 C. Not erors and omissions (468) 940 (1,221) (2,275) 1,769 2,978 D. Countepart itme 364 170 0 0 0 0 Overall balance 1,308 (1,029) 1,484 308 206 8,828 E. Reserve movements (1,308) 1,029 (1,484) (308) (206) (8,828) IMF (53) 0 0 0 340 347 Official reserves (1,265) 1,029 (1,484) (308) (546) (9,175) Source: Central Bank  Tabl 23. Turkey: Outstanding Extemal Debt (in US$ mlions, 1990-19951 1990 1991 1992 1993 1994 1995 oill Total 49,036 50,489 55,692 67,356 65,601 73,171 Medium and Long-term 38,636 41,372 42,932 48,823 64,291 57,586 Short-term 9,500 9,117 12,880 18,533 11,310 16,588 By Borrower Medium-and Long-term 39,536 41,372 42,932 48,823 64,291 67,685 Consolidated Budget 23,659 25,134 26,798 28,336 30,418 31,384 Direct Borrowings 13,219 14,599 18,145 19,335 21,108 22,286 Onlending 6,795 7.088 6,646 6,366 6,727 6,637 Annexed Budget 3,845 3,449 3,007 2,636 2,581 2,441 Other Public Sector 14,078 13,988 13,960 14,619 17,731 18,885 Central Bank 7,321 6,530 8,16o 6,618 8,697 10,301 SEEs 4,785 5,185 5,135 6,439 5,483 4,852 Extra Budgetary Funds 939 1,103 949 836 1,046 1,112 Local Administrations 1,032 1,159 1,696 1,602 2,649 2,589 Universities 1 9 21 24 57 31 Private Sector 1,798 2,262 3,184 6,968 6,144 7,336 Short-term 9,600 9,117 12,680 18,533 11,310 16,586 Central Bank 865 557 572 667 828 987 of which Dresdner 696 653 689 66s 823 973 Commercial Banks 6,373 6,216 7,167 11,127 4,684 6,770 Other Sectors 3,272 3,344 4,931 8,739 5,798 7,829 By Lender Medium-and Long-term 39,536 41,372 42,932 48,823 54,291 57,585 Multilateral Agencies 9,684 10,069 9,180 8,674 9,183 9,160 IMF 0 0 0 0 344 580 IBRD, IDA, IFC 6,435 8,540 5,761 5,440 6,380 5,208 European Investment Bank 604 602 463 250 264 89 European Settlement Fund 2,439 2,869 2,880 2,952 3,0865 3,153 Islamic Development Bank 68 64 40 15 117 111 OPEC Fund 10 6 3 2 0 0 Int. Fund for Ag. Development 8 9 13 15 13 11 Bilateral Lenders 12,984 14,587 16,035 18,153 20,878 21,626 OECD Countries 11,652 13,169 13,642 16,607 19,001 1 9,868 OPEC Countries 6e4 438 363 317 236 213 Other Countries 768 980 1,130 1,229 1,441 1,746 Commercial Banks 4,843 4,309 3,840 3,083 2,326 2,308 Bond Issues 5,877 6,683 9,318 12,623 13,788 14,285 Private Lenders 6,267 5,724 5,781 6,290 8,317 10,218 Short-term 9,500 9,117 12,680 18,533 11,310 16,586 Commercial Banks 3,846 4,144 6,490 9,626 2,901 4,780 Private Lenders 6,666 4,973 6,170 9,007 8,409 10,808  Table 23. Turkey: Outstanding Extemal Debt (continued) fin US$ millons. 1990-19951 1990 1991 1992 1993 1994 1995 Gill By Type of Credit Medium and long term 39,536 41,372 42,932 48,823 54,291 57,585 Project and program credits 21,116 22,816 21,819 21,760 25,219 24,024 Eurocurrency loans 4,843 4,309 3,640 3,083 2,326 2,306 Bond Issues 5,877 6,683 9,318 12,623 13,788 14,286 Rescheduled debt 12 11 10 8 9 9 CTLDS's 0 0 0 0 0 0 Bankers credits 0 0 0 0 0 0 NGTA's 12 11 10 8 9 9 Private credits 7,687 7,554 8,147 11,349 12,960 16,980 Shortterm 9,500 9,117 12,660 18,633 11,310 15,656 Credits 6,524 6,134 10,065 15,436 8,044 11,734 Bankers credits 51 0 0 0 0 0 Overdrafts 24 3 2 1 6 14 Acceptance credits 1,386 1,504 2,630 4,762 3,772 6,383 Pre-export credits 146 486 945 1,148 1,371 1,671 FX credits received by DMBs 2,093 2,787 5,132 8,696 2,241 3,891 FX credits received by other sectors 1,740 1,354 1,356 829 655 875 Others 84 0 0 0 0 0 Deposits 3,976 2,983 2,596 3,097 3,286 3,852 FX deposit accounts 3,280 2,429 2,025 2,431 2,443 2,879 Dresdner Bank Scheme 695 653 569 666 823 973 CTLDs 1 1 1 0 0 0 Foreign Exchange Deposit Account Total 10,230 8,696 8,366 9,379 11,674 14,081 Medium and long term 6,266 5,713 5,771 6,282 8,308 10,209 Dresdner Bank Scheme 6,255 5,713 5,771 6,282 8,308 973 Short-term 3,975 2,982 2,594 3,097 3,268 3,852 Dresdner Bank scheme 696 563 569 68e 823 973 Foreign exchange deposit account 3,280 2,429 2,025 2,431 2,443 2,879 Source: Tressury  Table 24. Turkey: External Debt Service Payments fIn US $ mIllon, 1990-1994) 1990 1991 1992 1993 1994 Total 7,297 7,561 8,733 8,227 9,993 Principle 1/ 4,033 4,121 5,294 4,663 6,070 Interest 3,264 3,440 3,439 3,674 3,923 1/ Repayments of IMF and Bond Issues are Included. Source: Central Bank Table 25. Turkey: Intemational Reserves fin US $ millions, 1990-19951 1990 1991 1992 1993 1994 1995 1. Central Bank 7,485 6,599 7,880 7,765 8,475 13,787 Gold, Official Value 1,468 1,493 1,494 1,488 1,410 1,383 Foreign Exchange 6,017 5,1008 6,386 6,277 7,065 12,384 2. Commercial Banks 4,279 6,540 8,170 10,642 9,237 9,3a7 3. International Reserves 1/ 11,764 13,139 1 6,050 18,407 17,712 23,134 1/ Gross foreign assets of the banking system Source: Central Bank  Table 26. Turkey: Exchange Rate Developments (1990-19953 Real TL/US* Real TL/DM Real Effeative TLUUS$ Exchange Rate Index Index Exchange Rate Average End-period ( 1985 = 1001 1198581001 01986 3 1001 (Down: Dep.) (Down: Dep.) (Down: Dep.) 1990 2,608 2,930 132.83 79.90 119.45 1991 4,171 6,079 128.64 77.91 115.98 1992 6,872 8,564 127.87 72.82 114.11 1993 10,984 14,472 126.99 77.66 114.65 1994 29,608 38,418 112.16 87.68 101.04 1995 45,731 61,064 134.19 69.77 118.08 1994 Jan 16,164 17,204 119.35 76.56 108.65 Feb 17,706 18,260 131.18 83.94 119.37 Mar 20,323 22,138 121.31 76.69 109.91 Apr 32,158 33,408 140.21 87.57 127.05 May 33,880 31,730 96.30 59.20 87.03 Jun 31,683 31,164 92.52 56.04 83.40 Jul 30,970 30,966 99.45 58.30 89.16 Aug 31,684 32,951 103.89 60.97 93.16 Sep 33,918 34,039 107.30 e2.14 96.01 Oct 34,882 35,823 106.88 60.79 96.36 Nov 38,258 36,323 109.95 63.48 98.33 Dec 37,403 38,418 117.61 67.45 105.07 1995 Jan 40,167 40,393 123.59 69.06 109.96 Feb 40,977 41,226 123.17 67.32 109.21 Mar 41,671 41,864 130.89 66.80 114.72 Apr 42,199 42,346 133.07 66.49 116.42 May 42,839 42,526 133.07 69.39 117.16 Jun 43,077 43,888 133.12 67.90 11e.s1 Jul 44,348 44,889 134.28 67.46 117.57 Aug 46,501 47,747 137.41 71.87 121.02 Sep 47,653 48,664 139.88 73.76 123.36 Oct 49,874 50,803 139.27 71.11 122.23 Nov 52,244 54,248 141.75 72.68 124.46 Dec 56,688 61,054 140.99 73.61 124.12 Source: Central Bank, Staff Estimates       IMAGING Report No: 15076 TU Type: ER