Report No. 20657-TU Turkey Country Economic Memorandum Structural Reforms for Sustainable Growth (In Two Volumes) Volume ll: Statistical Annex September 15, 2000 Poverty Reduction and Economic Management Unit Europe and Central Asia Region Document of the World Bank Turkey-Country Economic Memorandum Currency Eauivalents (Exchange Rate Effective September 15, 2000) Currency Unit = Turkish Lira TL I = US$ 0.0000015 US$ I = TL 668,229 Government Fiscal Year January I - December 31 Weiehts and Measures Metric System ABBREVIATIONS AND ACRONYMS AMS - Aggregate Measure of Support PAYG - Pay-As-You-Go ASCU - Agricultural Sales Cooperative PSE - Producer Subsidy Equivalent Union BK - Bag-Kur QR - Quantitative Restriction BO - Built Operate RB - Restructuring Board BOO - Built Operate Own SDIF - Saving Deposit Insurance Fund BOT - Built Operate Transfer SIS - State Institute of Statistics BRSA - Banking Regulatory and Supervisory SOE - State Owned Enterprises Authority CAYKUR - Turkish Tea Company SPO - State Planing Organization CEM - Country Economic Memorandum SRS - Sustained Reform Scenarios CPI - Consumer Price Index SSK - Social Security Institution DB - Defined Benefit TAS - Telecommunications Authority of Singapore DC - Defined Contribution TEAS - Turkish Electricity Generation and Transmission Company EMS - Equivalent Measurement of Support TEDAS - Turkish Electricity Distribution Company ERSP - Earnings-Related Pension TEKEL - Turkish Tobacco Monopoly ES - Emekli Sandigi TFP - Total Factor Productivity FFE - Full-Time Farmer Equivalent TMO - Turkish Grain Office GHIS - General Health Insurance System TOOR - Transfer of Operating Rights GNP - Gross National Product TRS - Truncated Reform Scenarios LNG - Liquid Natural Gas TSFAS - Turkish Sugar Factories MARA - Ministry of Agriculture and Rural TZOB - Turkish Farmers Association Affairs MOH - Ministry of Health VAT - Value Added Tax NA - Notional Account WTO - World Trade Organization NDC - Notional Defined Contribution WUO - Water Users' Organization PA - Privatization Administration Vice President: Johannes Linn (ECAVP) Country Director: Ajay Chhibber (ECC06) Sector Director: Pradeep Mitra (ECSPE) Sector Leaders: Samuel Otoo (ECSPE) Ataman Aksoy (DECPG) Team Members: Ismail Arslan (team leader), James Parks, Mediha Agar, Rossana Polastri, Pinar Baydar (ECSPE); Craig Burnside (DECRG); Esperanza Lasagabaster, Alan Thompson, Shiyan Chao (ECSHD); Anita Schwarz (HDNSP); Ian Alexander, Timnothy C. Irwin (PSDPP); John Nash (ECSSD); Biagio Bossone (FSP); James S. Moose (ECSEG); A. Halis Akder, Erol H. Cakmak, Hasan Ersel, Haluk Kasnakoglu, Guven Sak, Ercan Uygur (Consultants) TURKEY - COUNTRY ECONOMIC MEMORANDUM STRUCTURAL REFORMS FOR SUSTAINABLE GROWTH STATISTICAL ANNEX List of Tables 1. Gross National Product by Sector (at current prices, 1990-1999) la. Gross National Product by Sector (% shares, 1990-1999) 2. Gross National Product by Sector (at 1987 prices, 1990-1999) 2a. Gross National Product by Sector (growth rate at 1987 prices, 1990-1999) 3. Macroeconomic Balances (at current prices, 1990-1999) 3a. Macroeconomic Balances (in percent of GNP, 1990-1999) 4. Macroeconomic Balances (at 1994 prices, 1990-1999) 4a. Macroeconomic Balances (growth rate at 1994 prices, 1990-1999) 5. Macroeconomic Deflators (in percent, 1990-1999) 6. Total Fixed Capital Investments (by sectors, 1990-1999) 6a. Public Fixed Capital Investments (by sectors, 1990-1999) 6b. Private Fixed Capital Investments (by sectors, 1990-1999) 7. Industrial Production Index (weighted by value added annual averages, 1990-1999) 8. Developments in the Domestic Labor Market (in thousands, 12+ age, 1990-1999) 9. Wholesale Price Index (1990-1999) 10. Consumer Price Index (1990-1999) 11. Public Sector Borrowing Requirement (PSBR) (1990-1999) 1 la. Public Sector Borrowing Requirement (PSBR) (in percent of GNP, 1990-1999) 12. Sectoral Distribution of the PSBR (1990-1999) 12a. Sectoral Distribution of the PSBR (in percent of GNP, 1990-1999) 13. Consolidated Central Government Budget (1990-1999) 13a. Consolidated Central Government Budget (in percent of GNP, 1990-1999) 14. Consolidated Accounts of Extra Budgetary Funds (1990-1999) 14a. Consolidated Accounts of Extra Budgetary Funds (in percent of GNP, 1990-1999) 15. Profit and Loss Account of SOEs (1990-1999) 15a. Profit and Loss Account of SOEs (in percent of GNP, 1990-1999) 16. Financing Requirement of SOEs (1990-1999) 16a. Financing Requirement of SOEs (in percent of GNP, 1990-1999) 17. Income and Expenditure Accounts of Social Security Institutions (1990-1999) 17a. Income and Expenditure Balance of Social Security Institutions (in percent of GNP, 1990-1999) 18. Treasury's Yearly Domestic Borrowing and Domestic Debt Stock (1990-1999) 19. Compound Interest Rates on Government Bonds and T-bills (annually compounded rates, in percent, 1990- 1999) 20. Central Bank Analytical Balance Sheet (year-end, 1990-1999) 21. Balance of Payments (1990-1999) 22. Exchange Rate Developments (1990-1999) 23. Outstanding External Debt (old series, 1990-1995) 23a. Outstanding External Debt (new series, 1996 1999) 24. International Reserves (1990-1999) 25. Monetary Aggregates (end-of-period, 1990-1999) Table 1. Turkey: Gross National Product by Sector 1/ (in billion TL at current prices, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Agriculture 65,717 90,148 153,244 289,439 562,533 1,146,398 2,320,162 3,860,807 8,653,069 10,794,186 Fanning 60,862 83,942 139,713 263,461 520,872 1,066,438 2,176,433 3,640,961 8,221,645 10,201,113 Forestry 2,727 3,261 9,166 13,376 16,336 36,474 72,445 91,056 194,430 228,231 Fisheries 2,129 2,944 4,366 12,602 25,325 43,485 71,284 128,791 236,993 364,842 Industry 83,333 135,115 233,834 417,198 896,638 1,746,211 2,931,586 5,670,897 8,956,212 12,862,225 Mining 5,801 8,770 13,294 19,312 47,412 87,629 159,420 284,804 469,364 734,489 Manufacturing 70,131 113,014 192,825 348,141 741,423 1,474,300 2,378,709 4,683,962 7,258,360 9,996,000 Electricity, gas andwater 7,401 13,331 27,715 49,745 107,803 184,282 393,457 702,131 1,228,487 2,131,735 Services 210,099 349,057 612,230 1,090,877 2,084,415 4,114,204 8,040,144 16,115,286 29,110,255 44,848,833 Construction 23,539 41,795 69,967 137,291 241,918 388,416 767,355 1,560,852 2,714,575 3,773,307 Commerce 70,172 105,554 183,049 309,661 643,392 1,361,828 2,497,309 4,975,123 8,384,352 11,747,893 Wholesale and Retail 60,941 90,488 155,590 259,740 533,273 1,143,091 2,055,361 4,027,119 6,705,745 9,439,703 Hotels, Resta. &Services 9,231 15,066 27,458 49,921 110,118 218,737 441,948 948,004 1,678,606 2,308,190 Communications and transport 45,912 73,606 132,452 236,369 515,166 972,955 1,965,453 3,919,076 6,895,361 10,421,748 Financial institutions 11,449 23,208 38,509 73,974 92,319 281,105 657,828 1,331,600 2,915,396 4,276,183 Rental income 11,409 20,087 35,779 56,899 105,757 210,905 380,781 741,546 1,493,287 3,069,846 Liberal professions 15,093 23,757 40,632 72,761 141,334 279,210 532,891 1,007,178 1,692,805 2,758,627 Government services 32,525 61,051 111,841 203,922 344,530 619,785 1,238,527 2,579,910 5,014,479 8,801,229 GDP at factor prices 359,149 574,320 999,308 1,797,513 3,543,585 7,006,813 13,291,893 25,646,990 46,719,536 68,505,244 Indirect Taxes 38,110 66,132 118,109 221,174 416,215 849,230 1,723,626 3,566,854 6,377,793 10,117,440 Subsidies 4,198 10,335 24,049 36,820 91,371 93,587 243,409 377,960 872,384 1,247,882 GDP at market prices 393,060 630,117 1,093,368 1,981,867 3,868,429 7,762,456 14,772,110 28,835,883 52,224,945 77,374,801 Net Factor Income from Abroad 4,117 4,276 10,237 15,456 19,474 92,431 205,957 557,379 1,293,386 867,695 GNP at market prices 397,178 634,393 1,103,605 1,997,323 3,887,903 7,854,887 14,978,067 29,393,262 53,518,332 78,242,496 1/ Imputed bank service charges are distributed to sectors. Source: SIS. Table 1a. Turkey: Gross National Product by Sector 1/ (% shares, 1990 - 1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Agriculture 16.5 14.2 13.9 14 5 14.5 14.6 15.5 13 1 16.2 13.8 Farming 15.3 13.2 12.7 13.2 13.4 13.6 14.5 12.4 15.4 13.0 Forestry 0.7 0.5 0.8 0.7 0.4 0.5 0.5 0.3 0.4 0.3 Fisheries 0.5 0.5 0.4 0.6 0.7 0.6 0.5 0.4 0.4 05 Industry 21.0 21.3 21.2 20.9 23.1 22.2 19.6 19.3 16.7 16.4 Mining 1.5 1.4 1.2 1.0 1.2 1.1 1.1 1.0 0.9 0.9 Manufacturing 17.7 17.8 17.5 17.4 191 18.8 15.9 15.9 13.6 12.8 Electricity, gas and water 1.9 2.1 2.5 2.5 28 2.3 2.6 2.4 2.3 2.7 Services 52.9 55.0 55.5 54.6 53.6 52.4 53.7 54.8 54.4 57 3 Construction 5.9 6.6 6.3 6.9 6.2 4.9 5.1 5.3 5.1 4.8 Commerce 17.7 16.6 16.6 15.5 16.5 17.3 16.7 16.9 15.7 15.0 Wholesale and Retail 15.3 14.3 14.1 13.0 13.7 14.6 13.7 13.7 12.5 121 Hotels, Resta.&Services 2.3 2.4 2.5 2.5 2.8 2.8 3.0 3.2 3.1 3.0 Communications andtransport 11.6 11.6 12.0 11.8 13.3 12.4 13.1 13.3 12.9 13.3 Financial institutions 2.9 3.7 3.5 3.7 2.4 3.6 4.4 4.5 5.4 5.5 Rental income 2.9 3.2 32 2.8 27 2.7 2.5 2.5 2.8 3.9 Liberal professions 3.8 3.7 3.7 3.6 3.6 3.6 3.6 3.4 3.2 3.5 Government services 8.2 9.6 10.1 10.2 8.9 7.9 8.3 8.8 9.4 11.2 GDPatfactorprices 90.4 90.5 90.5 90.0 91.1 89.2 88.7 87.3 87.3 87.6 lndirectTaxes 9.6 10.4 10.7 11.1 10.7 10.8 11.5 12.1 11.9 12.9 Subsidies 1.1 1.6 2.2 1.8 2.4 1.2 1.6 1.3 1.6 1.6 GDPatmarketprices 99.0 99.3 99.1 99.2 99.5 98.8 98.6 98.1 97.6 989 NetFactorlncome from Abroad 1.0 0.7 0.9 0.8 0.5 1.2 1.4 1.9 2.4 1.1 GNP at market prices 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1/ Imputed bank service charges are distributed to sectors. Source: SIS . Table 2. Turkey: Gross National Product by Sector I/ (in TL billions at 1987 prices, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Agriculture 13,451 13,382 13,937 13,815 13,753 13,940 14,597 14,275 15,609 14,795 Farming 12,452 12,423 12,821 12,781 12,701 12,845 13,532 13,273 14,553 13,758 Forestry 738 696 858 698 716 783 754 693 689 662 Fisheries 261 263 259 335 336 313 312 309 367 375 Industry 19,552 20,225 21,599 23,926 22,735 25,083 26,648 29,422 30,049 28,402 Mining 1,443 1,493 1,501 1,411 1,508 1,412 1,443 1,502 1,646 1,523 Manufacturing 16,185 16,705 17,830 20,049 18,697 20,886 22,151 24,715 24,973 23,472 Electricity, gas and water 1,923 2,027 2,269 2,466 2,530 2,784 3,054 3,204 3,430 3,407 Services 43,545 43,602 46,407 49,738 48,029 50,556 54,373 58,007 59,625 56,771 Construction 5,141 5,187 5,496 5,927 5,768 5,508 5,813 6,103 6,123 5,347 Commerce 15,850 15,638 16,914 18,316 16,865 18,789 20,582 23,119 23,470 21,769 Wholesale and Retail 13,606 13,553 14,578 15,746 14,102 15,974 17,468 19,468 19,893 18,674 Hotels, Resta.& Services 2,244 2,085 2,336 2,570 2,763 2,815 3,114 3,651 3,577 3,096 Communications andtransport 9,981 9,963 10,848 12,094 11,909 12,441 13,711 14,150 14,844 14,256 Financial institutions 2,245 2,260 2,223 2,178 2,147 2,126 2,267 2,359 2,498 2,649 Rental income 4,209 4,314 4,426 4,511 4,690 4,801 4,991 5,132 5,223 5,245 Liberal professions 2,101 2,123 2,241 2,376 2,279 2,409 2,541 2,670 2,332 2,636 Government services 4,019 4,117 4,259 4,336 4,371 4,481 4,469 4,473 5,135 4,868 GDP atfactor prices 76,549 77,210 81,943 87,478 84,518 89,579 95,618 101,704 105,283 99,968 lndirectTaxes 7,990 8,189 8,868 10,570 8,432 9,312 10,501 11,888 11,970 11,297 Subsidies 960 1,046 1,410 1,457 1,627 1,003 1,374 961 1,139 978 GDPatmarketprices 83,578 84,353 89,401 96,590 91,322 97,888 104,745 112,631 116,114 110,286 NetFactorlncomefromAAbroad 1,013 534 922 1,086 412 1,140 1,335 2,243 3,190 1,398 GNP atmarket prices 84,592 84,887 90,323 97,677 91,734 99,028 106,080 114,874 119,303 111,684 1/ Imputed bank service charges are distributed to sectors Source SIS Table 2a. Turkey: Gross National Product by Sector 1/ (growth rates at 1987 prices, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Agriculture 7.1 (0.5) 4.1 (0.9) (0.4) 1.4 4.7 (2.2) 9.3 (5.2) Farming 8.3 (0.2) 3.2 (0.3) (0.6) 1.1 5.3 (1.9) 9.6 (5.5) Forestry (2 1) (5.7) 23.2 (18.6) 2.6 9.3 (3 7) (8.1) (0.5) (4.0) Fisheries (15.8) 0.5 (1.6) 29.5 0.4 (7.0) (0.4) (0.7) 18.5 2.4 Industry 9.1 3.4 68 10 8 (5 0) 10.3 6.2 10.4 2.1 (5.5) Mining (1.7) 3.4 0.5 (6.0) 6.9 (6.3) 2.2 4.1 9.6 (7.5) Manufacturing 10.4 3.2 6.7 12.4 (67) 11.7 6.1 11.6 1.0 (6.0) Electricity, gas andwater 6.8 5.4 119 8.7 2.6 10.1 9.7 4.9 7.0 (0.7) Services 7.8 0.1 64 7.2 (3.4) 5.3 7.6 6.7 2.8 (4.8) Construction (1.2) 0.9 6.0 7.8 (2.7) (4.5) 5.6 5.0 03 (12.7) Commerce 12.8 (1.3) 8.2 8.3 (7 9) 11.4 9.5 12.3 1.5 (7.2) WholesaleandRetail 14.0 (0.4) 7.6 8.0 (10.4) 13.3 9.3 11.4 2.2 (6.1) Hotels, Resta.& Services 6.0 (7.1) 12.1 10.0 7.5 1.9 10.6 17.3 (2.0) (13.5) Conmmunicationsandtransport 11.4 (0.2) 8.9 11.5 (1.5) 4.5 10.2 3.2 49 (4.0) Financial institutions 0.6 0.7 (1.7) (2.0) (1.4) (1.0) 6.6 4.1 5.9 6.1 Rental inconie 3.0 2.5 2.6 1.9 4.0 2.4 3.9 2.8 1.8 0.4 Liberal professions 8.3 1.1 5.6 6.0 (4.1) 5.7 5.5 51 (12.7) 13.0 Government services 29 2.4 3.4 1.8 0.8 2.5 (0.3) 0.1 14.8 (5.2) GDPatfactorprices 8.0 0.9 6.1 6.755 (3.4) 6.0 6.7 6.4 3.5 (5.0) Indirect Taxes 22.7 2.5 8.3 19.2 (20.2) 10.4 12.8 13.2 0.7 (5.6) Subsidies 8.6 9.0 34.8 3.3 117 (38.4) 36.9 (300) 185 (14.1) GDP at market prices 9.3 0.9 6.0 8.0 (5.5) 7.2 7.0 7.5 3.1 (5.0) NetFactorlncomefromAbroad 19.3 (47.3) 72.5 17.8 (62.0) 176.6 170 68.1 42.2 (56.2) GNP at market prices 9.4 0.3 6.4 8.1 (6.1) 8.0 7.1 8.3 3.9 (6.4) 1/ Imputed bank service charges are distributed to sectors. Source: SIS. Table 3. Turkey: Macroeconomic Balances, (in trillion TL at current prices, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. 1. GNP 1/ 397.2 634.4 1,103.6 1,997.3 3,887.9 7,854.9 14,978.1 29,393.3 53,518.3 78,242.5 2. Foreign deficit 12.7 13.3 22.0 96.9 (57.3) 253.7 722.3 1,117.1 566.5 2,359.6 3. Total resources (absorption) 409.9 647.7 1,125.7 2,094.2 3,830.6 8,108.6 15,700.4 30,510.4 54,084.9 80,602.1 4. Total investment 100.2 149.8 260.0 551.1 839.7 1,988.5 3,690.3 7,391.6 12,699.1 18,324.4 5. Fixed capital formation 89.9 150.2 258.4 525.5 952.3 1,882.2 3,757.8 7,722.4 13,022.2 17,261.8 a. Private 62.2 102.6 177.1 381.5 760.3 1,552./ 2,985.3 5,945.7 9,829.4 12,066.9 b. Public 27.7 47.6 81.3 144.0 192.1 329.5 772.6 1,776.7 3,192.8 5,194.8 6. Changes in stocks 10.3 (1.4) 1.6 25.6 (112.6) 106.3 (67.5) (330.7) (323.1) 1,062.6 a. Private 3.7 (2.0) 8.2 24.1 (62.0) 136.2 (1.00.1) (471.8) (602.0) 1,205.4 b. Public 6.6 0.7 (6.7) 1.6 (50.6) (29.9) 32.5 141.0 278.9 (142.8) 7. Total consumption 309.7 498.9 865.7 1,543.1 2,990.9 6,120.1 12,010.1 23,118.7 41,385.8 62,277.8 8.Publicdisposableincome 53.4 75.5 125.5 191.3 372.2 744.0 1,225.6 3,464.0 4,839.9 5,309.1 9. Public consumption 39.8 71.0 134.6 244.9 414.7 750.6 1,477.8 3,173.0 5,869.4 10,431.2 10. Public savings 13.6 4.5 (9.0) (53.6) (42.6) (6.7) (252.2) 291.0 (1,029.6) (5,122.2) 11. Public investment 34.3 48.3 74.6 145.5 141.4 299.6 805.1 1,917.7 3,471.7 5,052.1 12. Public savings-investment gap (20.6) (43.7) (83.7) (199.1) (184.0) (306.3) (1,057.3) (1,626.7) (4,501.2) (10,174.2) 13.Privatedisposableincome 343.8 558.9 978.1 1,806.0 3,515.7 7,110.9 13,752.5 25,929.3 48,678.4 72,933.4 14. Private consumption 269.9 428.0 731.1 1,298.2 2,576.1 5,369.5 10,532.2 19,945.7 35,516.3 51,846.5 IS. Private savings 73.9 130.9 247.0 507.8 939.6 1,741.4 3,220.2 5,983.5 13,162.1 21,086.9 16. Private investnent 65.9 100.5 185.3 405.6 698.3 1,688.9 2,885.2 5,473.9 9,227.4 13,272.3 17. Private savings-investment gap 7.9 30.4 61.6 102.2 241.3 52.5 335.0 509.6 3,934.7 7,814.6 18. Private savings ratio 21.5 23.4 25.3 28.1 26.7 24.5 23.4 23.1 27.0 28.9 19. Public savings rate 25.5 6.0 (7.2) (28.0) (11.4) (0.9) (20.6) 8.4 (21.3) (96.5) 20 Totaldomesticsavings S7.5 1355 2379 4.542 897.0 1,734.8 2,9680 6,274.5 12,132.6 1S,964.7 21. Investment/GNP 25.2 23.5 23.6 27.6 21.6 25.3 24.6 25.1 23.7 23.4 22. Savings/GNP 22.0 21.4 21.6 22.7 23.1 22.1 19.8 21.3 22.7 20.4 Source: SPO. Table 3a. Turkey: Macroeconomic Balances (in percent of GNP, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Esfim. 1. GNP 1/ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 2. Foreign deficit 3.2 2.1 2.0 4.9 (1.5) 3.2 4.8 3.8 1.1 3.0 3.Totalresources(absorption) 103.2 102.1 102.0 104.9 98.5 103.2 104.S 1038 101.1 103.0 4. Total investment 25.2 23.5 23.6 27.6 21.6 25.3 24.6 25.1 23.7 23.4 5. Fixed capital formation 22.6 23.7 23.4 26.3 24.5 24.0 25.1 26.3 24.3 22.1 a. Private 15.7 16.2 16.0 19.1 19.6 19.8 19 9 20.2 18.4 15.4 b. Public 7.0 7.5 7.4 7.2 4.9 4.2 5.2 6 0 6.0 6.6 6. Changes in stocks 2.6 (0.2) 0.1 1.3 (2.9) 1.4 (0.5) (1.1) (0.6) 1.4 a. Private 0.9 (0.3) 0.7 1.2 (1.6) 1.7 (0.7) (1.6) (1.1) 1.5 b. Public 1.7 0.1 (0.6) 0.1 (1.3) (0.4) 0.2 0.5 0.5 (0.2) 7. Total consumption 78 0 78.6 78 4 77.3 76.9 77.9 80.2 78.7 77.3 79.6 8. Public disposable income 13.4 11.9 11.4 9.6 9.6 9.5 8.2 11.8 9.0 6.8 9.Publicconsumption 10.0 11.2 12.2 12.3 10.7 9.6 9.9 10.8 11.0 13.3 10 Public savings 3.4 0.7 (0.8) (2.7) (1.1) (0.1) (1.7) 1.0 (1.9) (6.5) 11. Public investment 8.6 7.6 6.8 7.3 3.6 3.8 5.4 6.5 6.5 6.5 12. Publicsavings-investmentgap (5.2) (6.9) (7.6) (10.0) (47) (3.9) (7.1) (5.5) (8.4) (13.0) 13. Pnvate disposable income 86.6 88.1 88.6 90.4 90.4 90.5 91.8 88.2 91.0 93.2 14. Private consumption 68.0 67.5 66.2 65.0 66.3 68.4 70 3 67.9 66.4 66.3 15.Privatesavings 18.6 20.6 22.4 25.4 24.2 22.2 21.5 20.4 24.6 27.0 16. Private investment 16.6 15.8 16.8 20.3 18.0 215 19.3 18.6 17.2 17.0 17.Privatesavings-investmentgap 2.0 4.8 5.6 5.1 6.2 0.7 2.2 1.7 7.4 10.0 Source: SPO. Table 4. Turkey: Macroeconomic Balances (in trillion TL at 1994 prices, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. I GNP l/ 3,585.2 3,597.8 3,828.1 4,139.8 3,887.9 4,197.1 4,496.0 4,868.7 5,056.4 4,733.5 2. Foreign deficit 82.9 45.2 34.1 240.7 (57.3) 753 80.5 105.7 (60.6) 101.4 3. Total resources (absorption) 3,668.1 3,642.9 3,862.2 4,380.5 3,830.6 4,272.4 4,576.4 4,974.4 4,995.8 4,834.9 4. Total investment 941.5 849.6 912.9 1,182.2 839.7 1,094.9 1,148.1 1,281.8 1,264.4 1,182.7 5. Fixed capital formation 850.8 857.4 907.4 1,125.7 952.3 1,0378 1,168.7 1,337.4 1,296.0 1,114.8 a. Private 570.1 572.6 605.5 799.6 760.3 846.9 920.9 1,020.1 968.7 770.2 b. Public 280.7 284.7 301.9 326.1 192.1 190.9 247.8 317.3 327.2 344.6 6. Changes in stocks 90.7 (7.8) 5.5 56.6 (112.6) 57.1 (20.6) (55.6) (31.6) 67.9 a. Private 32.8 (11.6) 28.7 53.1 (62.0) 73.2 (30.6) (79.3) (58.9) 77.0 b. Public 57.9 3.8 (23.3) 3.4 (50.6) (16.1) 9.9 23.7 27.3 (9.1) 7. Total consumption 2,726.6 2,793.4 2,949.3 3,198.2 2,990.9 3,177.4 3,428.3 3,692.6 3,731.5 3,652.2 8. Public disposable income 512.8 413.5 387.8 331.3 372.2 421.0 342.4 519.0 379.9 174.4 9. Public consumption 379.2 386.6 421.2 442.4 414.7 425.0 433.1 464.4 492.3 521.3 10. Publicsavings 133.6 27.0 (33.4) (111.1) (42.6) (3.9) (90.7) 54.5 (112.4) (346.9) 11. Publicinvestment 338.6 288.5 278.6 329.5 141.4 174.8 257.8 341.0 354.5 335.5 12. Public savings-investment gap (205.0) (261.6) (312.0) (440.6) (184.0) (178.7) (348.5) (286.5) (467.0) (682.4) 13. Private disposable income 3,072.4 3,184.2 3,440.4 3,808.5 3,515.7 3,776.0 4,153.6 4,349.7 4,676.5 4,559.1 14. Private consumption 2,347.4 2,406.8 2,528.2 2,755.8 2,576.1 2,752.5 2,995.2 3,228.2 3,239.2 3,130.9 15. Private savings 725.0 777.4 912.2 1,052.7 939.6 1,023.6 1,158.4 1,121.5 1,437.3 1,428.3 16. Private investment 602.9 561.0 634.2 852.7 698.3 920.1 890.3 940.8 909.8 847.2 17. Private savings-investmentgap 122.1 216.4 277.9 200.0 241.3 103.4 268.0 180.8 527.5 581.0 18. Private savings ratio 23.6 24.4 26.5 27.6 26.7 27.1 27.9 25.8 30.7 31.3 19 Publicsavingsrate 26.1 6.5 (8.6) (33.5) (11.4) (0.9) (26.5) 10.5 (29.6) (199.0) 20. Total domestic savings 858.6 804.4 878.8 941.6 897.0 1,019.7 1,067.6 1,176.1 1,324.9 1,081.3 21. InvestmentVGNP 26.3 23.6 23.8 28.6 21.6 26.1 25.5 26.3 25.0 25.0 22. Savings/GNP 23.9 22.4 23.0 22.7 23.1 24.3 23.7 24.2 26.2 22.8 Source: SPO. Table 4a. Turkey: Macroeconomic Balances (growth rates at 1994 prices, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. 1 GNP 1/ 9.4 0.3 6.4 8.1 (6.1) 8.0 7.1 8.3 3.9 (6.4) 2. Foreign deficit 4.3 (1.0) (0.3) 5.0 (7.7) 3.2 0.1 05 (3.3) 3.4 3. Total resources (absorption) 14.4 (0.7) 6.0 13.4 (12.6) 11.5 7.1 8.7 0.4 (3.2) 4. Total investment 26.7 (9.8) 7.5 29.5 (29.0) 30.4 4.9 11.6 (1.4) (6.5) 5. Fixed capital formation 13 9 0.8 5 8 24.1 (15.4) 9.0 12.6 14.4 (3.1) (14.0) a. Private 17.1 0.4 5.7 32.0 (4.9) 11.4 8.7 10.8 (5.0) (20.5) b. Public 7.8 1 4 6.0 8.0 (41.1) (0.6) 29.8 28.0 3.1 5.3 6. Changes in stocks 2.6 (2.7) 0.3 1.2 (4.4) 4.0 (1.7) (0.7) 0.5 2.1 a. Private 0.9 (1.2) 1.1 0.6 (3.0) 3.2 (2.3) (1.0) 0.4 2.9 b. Public 1 8 (1.5) (0.7) 0.6 (1.4) 0.8 0.6 0.3 0 1 (0.8) 7.Totalconsumption 10.7 2.4 5.6 8.4 (65) 6.2 7.9 7.7 1.1 (2.1) 8. Public disposable income 102.9 (19.4) (6.2) (14.6) 12.3 13.1 (18.7) 51.6 (26.8) (54.1) 9. Public consumption 7.7 1.9 8.9 5.0 (6.3) 2.5 1.9 7.2 6.0 5.9 10. Public savmgs (234.4) (79.8) (223.9) 232.6 (61.7) (90.8) 2,217.0 (160.1) (306.1) 208.6 11. Public investment 32.7 (14.8) (3.4) 18.3 (57.1) 23.6 47.5 32.3 4.0 (5.4) 12. Public savings-investment gap (42.2) 27.6 19.3 41.2 (58.2) (2.9) 95.0 (17.8) 63.0 46.1 13. Private disposable income 1.6 3.6 8.0 10.7 (7.7) 7 4 10.0 4.7 7.5 (2.5) 14. Private consumption 11.2 2.5 5.0 9.0 (6.5) 6.8 8.8 7.8 0.3 (3.3) 15. Private savings (20.7) 7.2 17.3 15.4 (10.7) 8.9 13.2 (3.2) 28.2 (0.6) 16. Private investment 23.6 (6.9) 13.1 34 4 (18.1) 31.8 (3.2) 5.7 (3.3) (6.9) 17.Privatesavings-investmentgap (71.4) 77.2 28.4 (28.0) 20.7 (57.1) 159.1 (32.6) 191.8 10.1 18. Private savings ratio 19. Public savmgs rate 20. Total domestic savings 5.3 (6.3) 9.3 7.1 (4.7) 13.7 4.7 10.2 12.7 (18.4) 21. Investment/GNP 22. Savings/GNP Source: SPO Table 5. Turkey: Macroeconomic Deflators (in percent, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 L GNP 57.6 59.2 63.5 67.4 107.3 87.2 78.0 81.2 75.3 56.2 2. Foreign deficit 3. Total resources (absorption) 55.1 59.1 63.9 64.0 109.2 89.8 80.8 78.8 76.5 54.0 4. Total investment 53.5 64.6 62.6 63.7 114.5 81.6 77.0 79.4 74.2 54.3 5. Fixed capital formation 52.3 65.8 62.6 63.9 114.2 81.4 77.3 79.6 74.0 54.1 a. Private 54.0 64.2 63.3 63.1 109.6 83.3 76.8 79.8 74.1 54.4 b. Public 48.1 69.5 61.1 63.9 126.5 72.6 80.6 79.6 74.2 54.5 6. Changes instocks 53.1 55.3 62.1 58.4 120.7 86.1 75.8 81.8 71.8 53.1 a. Private 53.1 55.3 62.1 58.4 120.7 86.0 75.9 81.8 71.8 53.1 b. Public 53.1 55.3 62.1 58.4 120.7 85.8 76.1 81.8 71.8 53.1 7. Total consumption 55.8 57.3 64.3 64.4 107.3 92.6 81.9 78.7 77.1 53.7 8. Public disposable income (12.9) 75.4 77.3 78.4 73.2 76.7 102.6 86.5 90.9 139.0 9. Public consumption 90.7 75.0 74.1 73.3 80.6 76.6 93.2 100.2 74.5 67.8 10. Public savings (193.3) 65.3 60.7 78.2 107.3 70.2 63.4 91.9 71.6 61.2 11. Public investment 52.3 65.3 60.2 64.8 126.4 71.4 82.2 80.0 74.1 53.8 12. Public savings-investment gap 13. Private disposable income 69.1 56.9 62.0 66.8 110.9 88.3 75.8 80.0 74.6 53.7 14. Private consumption 51.6 54.6 62.6 62.9 112.3 95.1 80.3 75.7 77.5 51.0 15. Private savings 132.9 65.3 60.8 78.2 107.3 70.1 63.4 91.9 71.6 61.2 16. Private investment 54.3 63.8 63.1 62.8 110.2 83.6 76.5 79.6 74.3 54.5 17. Private savings-investment gap 18. Private savings ratio 19. Public savings rate 20. Total domestic savings 63.3 65.3 60.8 78.2 107.3 70.1 63.4 91.9 71.6 61.2 21. Investment/GNP 22. Savings/GNP Source: SPO. Table 6. Turkey: Total Fixed Capital Investments (by secton, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. A. At aMl Prices (TL bgk) Agricu.tw . 4,878 8,459 12,455 25,B20 39,365 103,468 220,957 453,436 714,712 940,374 Mining 1,632 2,775 4,416 6,921 13,831 24,530 43,670 93,040 180,493 273,583 Ma.utriug 17,558 27,806 46,102 91,796 197,805 425,363 813,615 1,408,441 2,349,499 3,046,773 Tourim 3,425 5,490 7,454 11,430 22,033 45,313 79,586 160,654 375,439 671,096 Enag 6,519 9,181 12,833 18,931 26,765 50,357 152,782 456,433 067,856 987,902 Trsuupurttion 16,102 28,174 54,695 130,463 176,061 354,352 785,791 1,899,326 3,100,440 4,283,773 Housig 30,050 49,742 80,112 159516 366,629 676358 1,194,406 2,150,993 3,505,307 4,042,149 Eductlion 2,352 4,218 8,296 16,175 20,423 37,568 105,198 203,722 421,953 817,503 Helth 1,360 2,626 5,065 10,471 19,561 34,472 88,109 264,890 497,838 580,313 Otna revicts 6,017 10,794 20,007 34,043 63,712 130,262 273,699 551,438 1,008,676 1,613,210 Total 89,090 149,272 251,435 505,866 946,107 1,882,225 3,757,812 7,722,372 13,022,213 17,261,755 B. At 1994 Prkes (rLb WM) Agriculxe 46,089 49,227 45,403 56,989 38,998 56,537 68,313 77,855 71,161 59,787 Odln- 16,273 16,680 16,471 15,575 14,187 13,687 13,653 16,004 17,978 17,749 Maffa.nng 173,285 173,272 175,614 222,629 186,701 219,808 244,362 244,492 235,424 198,355 Tourim 32,549 32,188 26,997 25,272 21,118 23,187 24,881 27,498 36,829 42,500 Enig 68,148 58,391 50,505 46,767 26,733 28,422 47,602 80,357 89,282 64,961 TrKs,ootalion 163,698 174,646 209,481 314,886 161,054 15,536 238,773 332,602 314,395 279,059 HouwAi 269,932 268,823 268,746 309,220 397,109 396,595 384,374 362,621 350,130 349,359 Ed.c*iwon 23,735 2,922 31,705 38,544 20,182 21,442 33,680 50,887 44,430 54,502 Helflti 13,205 15,310 16,453 23,144 20,859 19,764 28,197 45,971 49,660 37,909 OllltrSevice 61,268 69,099 79,536 86,357 65,381 70,809 84,887 99,070 105,429 11D,807 To..l 70.181 883,788 922,911 1,139388 952322 1.037,787 1,868,722 1.337,357 1,314.918 1,214,988 C. Sha h Toal (at -rest prices) Agriculure 5.4 5.7 5.0 5.1 4.2 5.5 5.9 5.9 5.5 5 4 Mining 1.8 1.9 1.8 1.4 1.5 1.3 1.2 1.2 1.4 1.6 MOmnfartuin.g 19.5 186 I83 181 209 22-6 217 18.7 160 17.7 Tourism 3.8 3.7 3.0 2.3 2.3 2.4 2.1 2.1 2.9 3.9 Energy 7.3 6.2 5.1 3.7 2.8 2.7 4.1 5.9 6.7 5.7 Trung,uttuiog 17.9 18.9 21.8 25.8 18.6 188 20.9 24.6 23.8 24.8 Housing 33.4 33.3 31.9 31.5 38.7 35.9 31.8 27.9 26.9 23.4 E4i-o4n 2.6 2.8 3.3 3.2 2.2 2.0 2.8 3.7 3 2 4.7 Health 1.5 1.8 2.0 2 1 2.1 1.8 2.3 3.4 3.8 3.4 Oed Sarvies 6.7 7.2 8.0 6.8 6.7 6.9 7.3 7.1 7.7 9.3 TolS 100.0 100.0 100.0 160.0 100.0 100.0 100.0 100.0 100.0 100.0 of ,di,h Tdabl.esos 30.6 29.8 28.0 26.9 28.9 31.8 30.8 27.4 27.8 28.6 N-.&loWale 69.4 70.2 72.0 73.1 71.1 68.2 69.2 726 722 71.4 D. A-r Percest Chare (*t1994 plrcp-) Agrieullre 15.3 2.4 (7.8) 03.5 (31.6) 45.0 20.8 14.0 (8.6) (16.0) Mbb8 11.4 2.5 (1.3) (5.4) (89) (3.) (0.2) 17.2 12.3 (1.3) M--f"in 57.7 (6.0) 1.4 26.8 (16.1) 17.7 11.2 0.1 (3.7) (157) Tourirm 10.3 (1.1) (16.1) (6.4) (16.4) 19.3 (1.2) 10.5 33.9 154 Enagv (20.2) (14.0) (13.8) (7.4) (42.6) 6.3 67.5 68.8 11.1 (27.2) Trairoflals 33.6 6.7 19.9 30.3 (48.9) 152 28.7 39.3 (5.5) (11.2) H.ousi.g (2.0) (0.4) (0.0) 15.1 28.4 (O 1) (3.1) (5.7) (3.4) (0.2) E-ca-juio 20.5 9.2 22.3 71.6 (47.6) 6.2 57.1 51.1 (12 7) 22.7 Health 45.1 15.9 2.5 U5.4 (9.9) (5.2) 42.7 63.0 8.5 (24.0) te8r.Saeices 16.3 12. 15.1 8.6 (24.3) 8.3 19.9 167 64 5.1 TotlW 14.4 1.6 4.4 23.5 (16.4) 9.0 12.6 14.4 (I 7) (7-6) Source: SPO. Table 6a. Turkey: Public Fixed Capital Investments (by sectors, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. A At C-stP.c. (IL M.o.) Agriroshun, 2,659 3,302 7,244 13,790 19,101 39,607 80,406 196,527 24B,762 441,607 Minin 940 1,664 2,781 3,628 4,669 6,873 11,410 28,029 47,847 83,273 M. n.uolunM 1,252 2,392 4,366 4,577 5,734 18,601 31.131 43,924 69,516 181,127 rourns, 324 721 1,311 2,540 4,007 7,993 10,958 10,313 14,767 25,123 En.V 6,007 7,990 11.03 17,223 22,164 42.439 93,751 220,248 547,445 651,516 Tr.i.po,1o8n 9,422 17,397 29,666 61,275 2,220 99,369 265,568 617,676 1,104,2S1 1,79,582 Housng 1,098 1,047 2,110 1,798 3.280 5,047 13,267 24,802 47,44S 117,798 E4oc.6oo 1,908 3,389 6,58 13,213 14,18S 27.195 72,323 220.537 338,631 600,240 Hefltl 770 1,226 2,633 5,427 7,698 16,031 33,912 91,136 148,337 186,696 otherSentics %3,296 6,439 12,498 20,662 31,836 66,279 154.029 323,436 605,547 1,019,860 Toall 27,684 47,585 81,295 144,133 194,896 329,516 772,555 1,776,698 3,192,781 5,194,822 B. At 1994 104ok (L. blDo.) Agri.i.re 26,333 29,726 23,709 28,118 19,573 23,456 26,035 33,464 24,594 27,330 MiMiAR 9.784 13,157 10,569 8,340 4,931 3,986 3,642 4,932 4,890 5,250 Muofactlurng 12,971 15,252 17,199 11,462 6,018 10,758 10,017 8.038 9,611 12,059 Tourin 3,278 4,384 4,991 5,995 3,627 4,688 3,603 1,879 1,578 1,750 ftnere 63,173 51,128 46,659 42,767 22,259 24,252 31,211 39,740 57,398 43,184 Toswporunion 97,270 106,206 112,828 140,813 73,695 57,627 84,771 108,683 112,863 120,658 Housing 10,555 5,847 7,566 3,831 3,200 3,050 4,518 4,422 5,049 10,144 E.d.ti.on 19,495 21,010 26,468 31,951 14,183 15,33 23,573 40,012 36,231 41,219 Han16. 7.705 7,305 9,877 12,500 9,243 9,472 11,246 16,426 15.S53 13,220 Otlh,S-vice 34,595 42,277 50,158 53,522 35,334 37,757 49,191 59,626 65.236 72,342 Total 235,159 293,491 312,023 339,298 192,053 190,879 247,807 317,292 333,328 347,156 C. Shr-, h. Tobl (3t rurrent pH-.) Api.5lt-re 9.6 11.1 8.9 9.6 9.6 12.0 10.4 11.1 7.0 8.5 Mining 3.4 3.5 3.4 2.5 2.4 2.1 1.5 1.6 1.5 1.6 Nf.acumn3g 4.3 5.0 5.4 3.2 2.9 5.7 4.0 2.5 2.S 3.5 Tour"Un 1.2 1.5 1.6 1.8 2.1 2.4 1.4 0.6 065 0.5 E-Vgs 21.7 16.8 14.5 11.9 11.4 12.9 128 12.4 17.1 12.3 T Wpoalion 34.0 36.6 36.5 42.5 42.2 30.2 34.4 34.8 34.6 36.2 Housing 4.0 2.2 2.6 1.2 1.7 1.5 1.7 1.4 1.3 2.3 F.o8aUWo 6.9 7.1 8.4 9.2 7.3 8.3 9.4 12.4 10.6 11.7 HelOth 2.8 2.6 3.2 3.S 3.9 4.9 4.4 5.1 4.7 3.6 Othff8-m..,s 11.9 13.6 15.4 14.3 16.3 20.1 20.0 18.2 19.0 19.6 Totwl 100.0 100.0 100.0 106.0 160.0 100.0 100.0 100.0 100.0 100.0 of .Whid Trod.blk don 10.7 21.2 19.3 17.0 17.2 22.2 17.3 17.7 12.6 14.1 Nonndablo orooo 81.3 70.8 80.7 03.0 02.8 77.0 02.7 84.3 07.4 85.9 D. A,saWPe-,o.t CO.Mg, (.-1994 pd...0 AgriUItmr0 (1.8) 12.9 (13.5) 9.4 (3D.4) 19.8 11.0 20.5 (26.5) 11.1 Miirng 15.8 3.8 4.1 (21.1) (43.9) (19.2) (S 6) 35.4 (0.9) 7.4 M1 f dUfri 8.9 17.6 12.8 (33.4) (47.5) 78.8 (6.9) (19.3) 19.6 25.5 Tonnim 14.0 33.7 13.8 20.1 (39.5) 29.3 (23.1) (47.0) (16.0) 10.9 (20.7) (18.0) (9.1) (8.3) (48.0) 9.0 28.7 27.3 44.4 (240) Trp.iador n 22.1 9.2 6.2 24.0 (47.7) (21.S) 47.1 20.2 3.9 6.9 Ho.so13 121.5 (44.6) 29.4 (49.4) (16.5) (4.7) 48.1 (2.1) 14.2 100.9 Ed.cafion 19.7 7.8 26.0 20.7 (55.6) 11.6 48.9 70.0 (9.6) 13.7 Heoith 36.6 (5.2) 35.2 266 (26.1) 2.5 18.7 46.1 (3.7) (16.6) Otl,oolsn.- 20.8 22.2 08.6 6.7 (34.0) 6.9 30.3 21.2 9.4 10.9 Towal 7.7 2.9 6.3 8.7 (43.4) (0.6) 29.8 28.0 5.1 4.1 Source SPO Table 6b. Turkey: Private Fixed Capital Investments by Sectors (by sectors, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. A. At C-mnat Pfe (M tn.) ApioItMo 2,219 3,157 5,211 12,030 20,264 63,861 140,551 256,909 465,950 498,767 Mining 684 1,111 1,635 3,293 9,162 17,657 32,260 65,011 132,646 195,310 Manufact-ang 16,306 25,414 41,736 S7,219 192,071 406,882 782,484 1,364,517 2,259,983 2,865,646 Tourin 3,101 4J777 6,143 8,891 18,026 37,320 68,628 150,271 360,672 645,973 BMW3 512 1,191 1,030 1,708 4,601 7,918 54,031 236,185 320,411 336,466 Tetnnroeaion 6,680 10,777 25,009 69,188 93,841 254,983 520,223 1,281,650 1,996,159 2,404,191 Housing 28,952 48,695 77,994 157,719 363,349 671,291 1,181,139 2.126,191 3,457,859 3,924,351 Education 444 830 1,441 2,961 6,236 10,373 32,875 63,185 83,322 209,263 Health 590 1,400 2,432 5.044 11,864 18,441 54,197 173,754 349,301 393,617 Oth,savioe- 2,721 4,335 7,509 13,681 31,876 63,983 118,870 228.002 403,129 593,350 Total 62,209 101,688 170,141 361,733 751.291 1,352,709 2,985,257 5,945,674 9,829,432 12,066,933 B. At 94 Pkee.. (11.t bwn) Agdculture 21,756 19,531 19,694 28,871 19,425 33,081 42,278 44,391 46.567 32,457 Minng 6,489 6,523 5,902 7,236 9,256 9,701 10,011 11,072 13,088 12,499 l.mnsfactiusg 160,314 158,020 158,415 211,167 180,683 209,050 234,345 236,454 225,813 186,296 Toeian 29,271 27,804 22,006 19,277 17,491 20,409 21,278 25,619 35,251 40,750 Thwgy 4,975 7,263 3,846 4,000 4,474 4,170 16,391 40,617 31,884 21,777 TrewopAn 66,428 68,440 96,653 174,073 87,369 127,909 154,002 223,919 201,527 158,401 Hotsing 259,377 262,976 261,180 305,389 393,909 393,545 379,856 358,199 345,081 339,215 Education 4,240 4,912 5,237 6,593 5,999 5,609 10,107 10,805 8,179 13,283 Helth 5,500 8,006 8,577 10,644 11,616 10,292 16,951 29,545 34,007 24,689 Otltelvinics 26,673 26,823 29,379 32,835 30,047 33,052 35,696 39,444 40,193 30,465 Tota 585,022 590,297 610,888 800,083 760,269 846,908 920,913 1,020,065 981,590 867,832 C. Shun, In Ttdu (at tmanet P.le) AgriNltum 3.6 3.1 3.1 3.3 2.7 4.1 4.7 4.3 4.7 4.1 Mining 1.1 11 1.0 0.9 1.2 1.1 1.1 1.1 1.3 1.6 Manufauring 26.2 25.0 24.5 24.1 25.6 26.2 26.2 22.9 23.0 23.7 Toiant 5.0 4.7 3.6 2.5 2.4 24 23 2.5 3.7 5.4 DugW 0.8 1.2 0.6 0.5 0.6 0.5 1.8 4.0 3.3 2.8 Tnpoton tion 10.7 10.6 14.7 19.1 12.5 16.4 17.4 21.6 20.3 199 flouting 46.5 47.9 45.8 43.6 48.4 43 2 39.6 35.8 35.2 32.5 Education 0.7 08 0.8 0.8 0.8 0.7 1.1 1.1 .8 1.7 Hedth 0.9 1.4 1.4 1.4 1.6 1.2 1.8 2.9 3.6 3.3 Oth Senieea 44 4.3 4.4 3.8 4.2 4.1 4.0 38 4.1 4.9 Totl 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 oo 0 100.0 of which Tadable,teon 35.9 35.9 32.2 30.8 31.9 33.9 34.3 30.9 32.8 34.9 NOon-tnadabl.#stno 64.1 66.1 67.8 69.2 681 66.1 65.7 69.1 67.2 65.1 D. AnualPeeP.t Change (.t 1994 pta.et) Apicult.e 46.2 (10.2) 0.8 46.6 (32.7) 70.3 27.8 5.0 4.9 (30.3) Mining 5.3 0.5 (9.5) 22.6 27.9 4.8 3.2 10.6 18.2 (4.5) hanuaodrunng 63.6 (1.4) 0.2 33.3 (14.4) 15.7 12.1 0.9 (4.5) (17 5) Tounin 9.9 (5.0) (20.9) (12.4) (9.3) 17.2 3.8 20.4 37.6 15.6 E-g (13.5) 46.0 (47.0) 4.0 11.9 (6.0) 293.1 147.8 (21.5) (31.7) Tauapoetation 55.0 3.0 41.2 80.1 (49.8) 46.4 20.4 45.4 (10.0) (21.4) 1outing (4.1) 1.4 (0.7) 16.9 29.0 (0.1) (3.5) (5 7) (3.7) (1.7) Educeotn 24.6 15.8 6.6 25.9 (9.0) (6.5) 80.2 6.9 (24.3) 624 Hdth 58.9 45.6 7.1 24.1 9.1 (11.4) 64.7 74.3 151 (27.4) otheS-vices 11.0 0.6 9.5 11.8 (8.5) 10.0 8.0 10.3 1.9 (4.3) Total 18.0 0.9 3.5 31.0 (5.0) 11.4 8.7 10.8 (3.8) (11.6) Source: SPO. Table 7. Turkey: Industrial Production Index (Weighted by value added, annual averages, 1992=100, 1990-1999) Sector 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 A. Index Food,beveragesandtobacco 95.8 104.4 100.5 108.6 111A4 117.1 124.2 134.0 138.4 133.9 Textile, readywear and leather 104.9 95.9 100.0 99.5 95.4 110.7 119.7 127.8 120.2 112.3 Forestry and fumiture 105.8 99.4 100.0 107.7 93.4 108.4 113.0 148.1 132.9 131.9 Paper, paperproducts and pnnting 96.7 91.1 99.9 119.2 105.0 116.7 112.0 110.3 103.9 105.3 Chem., oil, coal, rubber & plastic 97.3 96.9 100.0 107.4 102.7 119.3 122.8 136.3 137.2 134.3 Non-metallicmineralproducts 85.6 89.6 100.0 106.1 101.5 113.6 119.6 132.8 134.0 123.1 Basic Metals 101.9 94.0 100.0 113.7 108.9 113.7 123.2 134.8 134.0 126.5 Metalprod.,machin.,nmotorvech. 82.6 92.6 99.9 116.8 86.8 104.6 122.6 151.3 158.2 151.7 Others 97.7 72.8 100.0 101.9 68.3 97.6 111.1 124.7 139.1 144.6 Total Industry 92.9 95.4 100.8 108.2 101.5 114.3 122.9 137.0 139.4 132.2 Source: SIS. Table 8. Turkey: Developments in the Domestic Labor Market (in thousands, 12+ age, 1990-1999) 1990 1991 1992 1993 1994 199S 1996 1997 199S 1999 April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. Civ.h. L.bo, Forco 20.529 21,562 21.637 21,238 21303 21,703 21,310 21,628 22,179 22,136 22,446 22,900 22,809 23,0301 22.535 22,372 22,380 23,472 23,962 23,336 C-rbo- Enplosy-l 18,697 19,947 20.119 19,452 19,5738 19959 19,7011 19.916 20,315 20,397 20,833 21,37S 21.376 21,69S 21,201 20,767 20,s39 21,909 22,076 21.644 UwOpl.oyod 1,831 1,616 1,619 1,787 1,724 1,745 1,6107 1.722 1,864 1,7401 1,613 1,522 1,431 1(332 1,334 1.6015 1,541 R563 1,86 1.712 U-ploIyb R.woo(co6 %) 8.9 7 5 7 5 8.4 a I t 0 7 5 8.1 8.4 7.9 72 6.6 6 3 5 8 5.9 7 2 69 6 7 7.9 7 3 M.b( 137 1((9 12.3 12.3 122 (2.9 IM.5 120 12.8 111 111.7 10.(1 93 93 9.2 100 1( 3 104 (22 (1)4 Ru.l 5.4 4.9 4.0 55 48 49 4.4 45 4.8 51 44 3.9 3.8 29 32 4.1 34 29 34 40 Un.-ploymn 1,163 1,518 1.533 L.37 1,731 1,591 1,385 1.570 1,680 1.931 1,573 1,450 1,44(0 1,439 1.151 1,489 1,434 1,377 1,7S6 2,381 Ur48kopil9ot1R.w(i%) 537 70 71 65 8.1 7.3 65 7.3 76 87 70 63 6.3 6.2 51 67 6.4 59 75 10.2 R06 or U pIyr,t & UWd-rplo9o (I. %) 14.6 145 14.6 (49 162 154 14.0 15.2 16.0 16.6 142 13.0 126 12.11 11.(1 131 13.3 12.5 15.3 175 CiMiH.. E.ploy-.ct by Sotor, Agoc.lft- 9,110 9.355 9,863 9,253 8,631 8,913 9,356 8,643 9,591 9.023 9,879 10,226 9,751 9,962 9,6017 81 l(I 8,499 9,148 9,53(1 8,839 (cdioroy 3,745 4,274 4,174 4.1(0 4,167 4,6401 4,160 4,452 4,462 4,473 4,359 4,4(7 4,621 4,734 4,574 5,339 4,956 5,059 4.783 91187 M...g 177 21( [so 22(1 (92 203 123 (65 191 159 167 131 1t5 162 145 177 131 151 127 94 Mmolboooo,g Id 2.520 2,961 2.974 2,729 2,885 3,284 2,730 3.002 3,082 2,985 2,936 2,947 3,143 3,134 3,081 3,7017 3,482 3,436 3,337 3,543 ElC-1CC,, G W.I.,Or 80 56 56 71 61 68 94 113 104 97 10(7 112 98 *2 ((8 (II( I13 1016 72 94 Con-1-hro 968 1,1139 994 I,089 1,069 I,(115 1,2(3 1,172 1,0O5 1.232 1.149 1,227 1,195 1,356 1,230 1.345 1.23( (,366 (,247 1356 Sorvioc, 5.945 6.317 5.986 6,092 6,781 6,405 6,189 6.812 6,261 6,9011 6.597 6,734 7,005 7.902 7,02(0 7.317 7,384 7.702 7,763 7,717 T-ropo=,I... 784 851 812 8(02 897 841 884 959 809 917 827 855 870 917 845 925 932 960 883 9102 Co.oo,ooo 2.116 2.278 2,191 2,249 2,382 2,492 2.293 2,545 2,317 2.647 2.5710 2,6(2 2,647 2,7104 2,770 2,895 2,912 2,982 3.1(19 3,113 F...-ol l.uco. 401 436 424 437 493 462 396 492 473 474 431 487 514 453 494 511 515 544 550 582 0(691 Sco- 2,544 2,752 2,559 2,6404 3.1Hs 2,6101 2,616 2,816 2,662 2,862 2,769 2,7801 2,974 2.928 2,911 2,986 3.1025 3,2(6 3,239 3012() Source: SIS Table 9. Turkey: Wholesale Price Index 1/ (1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Annual Average Change WholesalePricelndex(WPI) 52.3 55.3 62.1 58.4 120.7 86.0 75.9 81.8 71.8 53.1 Public Sector 56.7 61.3 65.2 54.5 122.5 76.7 81.9 85.5 58.4 71.2 Private Sector 50.6 52.9 60.8 60.1 119.9 88.8 74.3 80.7 75.9 48.1 Agriculture 70.6 50.8 62.7 62.2 97.8 107.8 86.5 86.9 86.8 41.8 Mining 48.7 63.3 60.3 57.9 132.8 85.6 89.3 76.2 48.6 62.4 Manufacturing 46.9 55.3 59.7 56.6 129.4 81.0 70.4 80.6 66.7 57.2 Energy 56.5 75.1 97.7 67.8 102.3 56.4 101.7 71.8 71.8 64.7 Year-onYear Change Wholesale Price lndex(WPI) 48.6 59.2 61.4 60.3 149.6 65.6 84.9 91.0 54.3 62.9 Public Sector 52.7 56.6 66.9 55.2 149.4 48.6 101.4 97.5 35.6 117.7 Private Sector 47.0 60.4 59.1 62.5 149.6 70.8 80.5 89.0 60.1 48.4 Agriculture 47.8 68.9 49.3 75.6 134.0 86.6 89.9 96,5 71.9 30.0 Mining 61.3 56.3 57.0 63.9 144.2 75.4 93.7 72.6 34.0 94.1 Manufacturing 48.5 55.1 63.4 54.6 159.1 60.0 80.6 91.2 47.1 76.7 Energy 45.1 84.6 94.6 75.1 100.9 40.8 129.9 64.1 69.9 71.3 1/ Between 1990-1994 1987= 1 00 index has been used, afterwards 1994=100 index . Source: SIS. Table 10. Turkey: Consumer Price Index 1/ (1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Annual Average Change Consumer Price Index (CPI) 60.3 66.0 70.1 66.1 i06.3 89.0 80.4 85.7 84.6 64.9 Foodstuff 64.3 67.1 71.3 63.5 110.0 92.3 72.2 92.5 82.3 48.6 Housing 54.9 69.8 77.0 71.8 91.0 86.8 85.4 82.2 90.3 86.4 Clothing 59.7 57.6 59.8 66.4 104.8 100.7 82.6 74.9 79.6 52.2 Health&personal Care 56.3 83.5 70.4 68.4 113.1 75.5 94.0 87.3 102.7 78.7 Transportation 68.3 75.1 74.5 56.8 108.0 99.6 97.2 93.5 76.4 70.6 Year-onYear Change Consumer Price Index (CPI) 60.4 71.1 66.0 71.1 125.5 76.0 79.8 99.1 69.7 68.8 Foodstuffs 59.7 80.4 60.4 72.7 136.2 67.9 68.5 117.3 60.6 55.0 Housing 61.3 69.4 76.7 74.4 100.0 82.3 84.6 88.0 86.8 89.3 Clothing 59.4 55.4 65.3 65.3 136.2 86.3 80.2 80.5 68.7 44.7 Health&personal Care 52.1 86.8 71.7 76.4 108.1 77.9 102.3 85.0 99.6 71.1 Transportation 81.3 65.5 66.6 63.6 114.9 71.4 106.6 105.0 53.4 93.9 1/ Between 1990-1994 1987=100 index has been used, afterwards 1994=100 index. Source: SIS. Table 11. Turkey: Public Sector Borrowing Requirement (in billion TL, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estinm. 1. Taxes 62,201 104,744 192,925 355,797 731,930 1,356,729 2,705,376 5,773,065 11,032,365 17,175,514 Direct 26,996 45,861 82,272 147,580 327,865 532,099 1,004,492 2,153,123 4,900,783 7,471,205 Indirect 35,205 58,883 110,653 208,217 404,065 824,630 1,700,884 3,619,942 6,131,582 9,704,309 2. Non-tax revenues 5,466 9,002 15,492 28,486 59,921 134,857 168,399 345,118 661,126 1,017,067 3. Factor inconies 10,691 1,218 (8,117) 2,091 74,142 262,705 685,833 1,345,759 2,481,837 4,031,992 4 Social Funds. 396 (1,805) (4,913) (18,046) (48,012) (130,884) (299,792) (621,357) (1,307,505) (2,520,310) Total Revenues 78,754 113,158 195,387 368,328 817,981 1,623,407 3,259,816 6,842,586 12,867,823 19,704,263 1. Current Expenditures 39,774 70,965 134,576 244,926 414,743 750,619 1,477,841 3,172,999 5,869,446 10,431,237 2. Investment Expenditures 34,090 47,940 74,198 145,125 140,739 297,292 801,398 1,909,486 3,459,783 5,026,599 a. Fixed Capital Investments 27,510 47,267 80,850 143,563 191,371 327,232 768,851 1,768,448 3,180,885 5,169,370 b. Changes in Stocks 6,580 673 (6,652) 1,561 (50,633) (29,940) 32,547 141,038 278,898 (142,771) 3. Transfer Expenditures 28,723 46,607 86,319 192,558 460,893 862,393 2,150,914 3,878,504 7,802,933 14,740,254 a. Current Transfers 26,012 39,043 74,912 185,359 439,018 860,652 2,047,378 3,548,688 7,953,623 14,106,018 b. Other Transfers 2,711 7,564 11,407 7,199 21,875 1,742 103,536 329,816 (150,690) 634,236 4. Stock Revaluation Fund 6,281 13,373 22,205 31,848 100,927 87,759 171,562 394,055 592,182 1,018,841 Total Expenditures 108,868 178,884 317,298 614,457 1,117,302 1,998,064 4,601,715 9,355,044 17,724,344 31,216,931 PSBR 1/ 30,114 65,726 121,911 246,129 299,321 374,657 1,341,899 2,512,458 4,856,521 11,512,668 Memo Items Financial SOEs'PSBR (684) (1,257) (5,229) (6,336) 7,615 32,911 (15,330) (265,900) 4,134 83,845 Interest payments (C.Budget) 13,966 24,073 50,051 116,470 298,285 576,116 1,497,401 2,277,917 6,176,595 10,721,000 PSBR (excluding interest Payments) 16,148 41,653 71,860 129,659 1,036 (201,459) (155,502) 234,541 (1,320,074) 791,668 1/ Excludes the financial SOEs. It is the Government definition and does not include State Banks' duty losses. It differs from the Main Report. Source: SPO Table 11 a. Turkey: Public Sector Borrowing Requirement (in percent of GNP, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Estim. 1. Taxes 15 66 16.51 17.48 17.81 18.83 17.27 18.06 19.64 20.61 21.95 Direct 6.80 7.23 7.45 7.39 8.43 6.77 6.71 7.33 9.16 9.55 Indirect 8.86 9.28 10.03 1042 10.39 10.50 11.36 12.32 11.46 12.40 2. Non-taxrevenues 1.38 1.42 1.40 1.43 1.54 1 72 1.12 1.17 1.24 1.30 3 Factor incomes 2.69 0.19 (0.74) 0.10 1.91 3.34 4.58 4.58 4.64 5.15 4. Social Funds. 010 (0.28) (0.45) (0.90) (1.23) (1.67) (2.00) (2.11) (2.44) (3.22) Total Revenues 19.83 17.84 17.70 18.44 21.04 20.67 21.76 2328 24.04 25.18 1 CurrentExpenditures 10.01 11.19 12.19 12.26 10.67 9.56 9.87 10.79 10.97 13.33 2. Investment Expenditures 8.58 7.56 6.72 7.27 3.62 3.78 5.35 6.50 6.46 6.42 a. Fixed Capital Investments 6.93 7.45 733 7.19 4.92 4.17 5.13 6.02 5.94 6.61 b. Changes in Stocks 1.66 0.11 (0.60) 0.08 (1.30) (0.38) 0.22 0.48 0.52 (0.18) 3. Transfer Expenditures 7.23 7.35 782 9.64 11.85 10.98 14.36 13.20 14.58 18.84 a. Current Transfers 6.55 6.15 6.79 9.28 11.29 10.96 13.67 12.07 14.86 18.03 b. Other Transfers 0.68 1.19 1.03 0.36 0.56 0.02 0.69 1.12 (.28) 0.81 4. StockRevaluationFund 1.5S 211 2 01 1.59 2.60 1.12 1.15 1.34 1.11 1.30 Total Expenditures 27.41 28.20 28.75 30.76 28.74 25.44 30.72 31.83 33.12 39.90 PSBR 1/ 7.58 10.36 11.05 12.32 7 70 4.77 8.96 8.55 9.07 14.71 Memo Items Financial SOEs'PSBR (017) (0.20) (0.47) (0.32) 0.20 0.42 (0.10) (0.90) 0.01 0.11 Interestpayrnents(C.Budget) 3.52 379 4.54 5.83 7.67 7.33 10.00 775 11.54 13.70 PSBR(excludinginterestPayments) 4.07 6.57 6.51 6.49 0.03 (2.56) (1.04) 080 (2.47) 1.01 1/ Excludes the financial SOEs. It is the Government definition and does not include State Banks' duty losses. It differs from the Main Report. Source: SPO Table 12. Turkey: Sectoral Distribution of the Public Sector Borrowing Requirement (in billion TL, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Estim. Consolidated Budget 11,954 33,516 47,434 133,855 152,180 316,623 1,238,128 2,240,651 3,725,592 9,071,899 SOEs 16,729 23,584 49,241 69,311 73,396 (58,475) 12,128 194,416 705,663 1,125,355 -Non-Financial SOEs 15,801 21,202 41,541 55,261 47,254 (48,162) (62,113) 165,425 690,189 899,708 -SOEs Under Privatization 928 2,382 7,701 14,049 26,142 (10,313) 74,241 28,991 15,474 225,647 Local Governments 160 1,731 8,678 14,357 15,867 16,072 42,349 83,100 244,256 698,052 Revolving Funds (69) 77 78 86 261 3,120 (1,633) (4,955) (14,371) (14,477) Social Security Ins. (1,086) 874 2,603 11,537 22,568 49,577 35,340 2,551 191,072 160,217 Extra Budgetary Funds 2,426 5,945 13,877 16,983 35,049 47,740 15,587 (3,305) 4,309 471,622 PSBR 1/ 30,114 65,726 121,911 246,129 299,321 374,657 1,341,899 2,512,458 4,856,521 11,512,668 Financial SOEs PSBR (684) (1,257) (5,229) (6,336) 7,615 32,911 (15,330) (265,900) 4,134 83,845 I/ Excludes the financial SOEs. It is the Government definition and does not include State Banks' duty losses. It differs from the Main Report. Source: SPO. Table 12a. Turkey: Sectoral Distribution of the Public Sector Borrowing Requirement (in percent of GNP, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Estim Consolidated Budget 3.01 5.28 4.30 6.70 3.91 4.03 8.27 7.62 6.96 11.59 SOEs 4.21 3.72 4.46 3.47 1.89 (0.74) 0.08 0.66 1.32 1.44 -Non-Financial SOEs 3.98 3.34 3.76 2.77 1.22 (0.61) (0.41) 0.56 1.29 1.15 - SOEs Under Privatization 0,23 0.38 0.70 0.70 0.67 (0.13) 0.50 0.10 0.03 0.29 Local Govemnnents 0.04 0.27 0.79 0.72 0.41 0.20 0.28 0.28 0.46 0.89 Revolving Funds (0.02) 0.01 0.01 0.00 0.01 0.04 (0.01) (0.02) (0.03) (0.02) Social Security Ins. (0.27) 0.14 0.24 0.58 0.58 0.63 0.24 0.01 0.36 0,20 Extra Budgetary Funds 0.61 0.94 1.26 0.85 0.90 0.61 0.10 (0.01) 0.01 0.60 PSBR I/ 7.58 10.36 11.05 12.32 7.70 4.77 8.96 8.55 9.07 14.71 Financial SOEs PSBR (0.17) (0.20) (0.47) (0.32) 0.20 0.42 (0.10) (0.90) 0.01 0.11 I/ Excludes the financial SOEs. It is the Government definition and does not include State Banks' duty losses. It differs from the Main Report. Source: SPO. Table 13. Turkey: Consolidated Central Government Budget (in billion TL, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. REVENUES 55,239 96,747 174,224 351,392 745,116 1,393,930 2,702,034 5,750,096 11,670,888 18,683,4600 General Budget 54,576 95,800 172,844 348,035 739,950 1,381,486 2,676,000 5,697,576 11,616,702 18,591,460.0 Tax Revenues 45,400 78,644 141,602 264,273 587,760 1,084,257 2,244,094 4,745,484 9,232,930 14,807,267.0 Non-taxRevenues 4,267 3,926 7,649 17,636 48,365 86,044 159,990 404,679 1,217,831 1,875,214.0 Special Revenues and Funds 4,909 13,230 23,593 66,126 103,825 211,185 271,916 547,413 1,165,941 1,908,979.0 Annex Budget 663 947 1,380 3,357 5,166 12,444 26,034 52,520 54,186 92,000.0 EXPFNDITURES 67,193 130,263 221,658 485,249 897,296 1,710,646 3,940,162 7,990,748 15,396,480 27,755,359 Current 35,464 65,832 124,441 221,447 368,902 644,149 1,282,719 2,779,482 5,140,996 9,084,000 Personnel 28,549 54,720 104,296 186,129 295,495 502,600 974,148 2,073,140 3,870,228 6,908,000 OtherCurrent 6,915 11,112 20,145 35,318 73,407 141,549 308,571 706,342 1,270,768 2,176,000 Investment 6,818 11,717 19,019 36,543 50,355 91,777 238,085 590,382 885,606 1,401,000 Transfers 24,911 52,714 78,198 227,259 478,039 974,720 2,419,358 4,620,884 9,369,878 17,270.359 of which interest payments 13,966 24,073 50,051 116,470 298,285 576,116 1,497,401 2,277,917 6,176,595 10,721,000 -Domestic interest payments 9,613 16,941 40,298 92,518 233,168 475,519 1,329,087 1,977,967 5,629,514 9,825,000 -External interest payments 4,353 7,132 9,753 23,952 65,117 100,597 168,314 299,950 547,081 896,000 PRIMARYBAL4NCE 2,012 (9,443) 2,617 (17,387) 146,105 259,400 259,273 37,265 2,451,003 1,649,101 BUDGET BALANCE (11,954) (33,516) (47,434) (133,857) (152,181) (316,716) (1,238,128) (2,240,652) (3,725,592) (9,071,899) Deferred and Advance payments - net (400) 90 (12,005) 7,754 255 22,320 (29,606) 20,222 (111,666) (52,200) CASH BALANCE (12,355) (33,427) (59,439) (126,103) (151,925) (294,396) (1,267,734) (2,220,430) (3,837,258) (9,124,099) FINANCING 12,355 33,427 59,439 126,103 151,925 294,396 1,267.734 2,220,430 3,837,258 9,124,099 ForeignBorrowing (net) 41 1,921 4,038 21,062 (67,174) (81,238) (134,410) (446,068) (1,035,566) 465,600 Receipts from loans 5,489 10,889 19,718 46,140 44,030 157,746 277,687 245,198 803,299 2,813,400 Payments on Loans (5,448) (8,968) (15,680) (25,078) (111,204) (238,984) (412,097) (691,266) (1,838,865) (2,347,800) Domestic Borrowing (net) 10,205 25,787 56,780 105,386 225,735 377,598 1,295,182 2,505,518 4,604,300 9,740,500 Medium and Long term 7,942 2,279 15,408 30,135 (70,339) 85,657 274,040 1,484,844 1,311,144 12,233,900 Receipts 12,523 11,510 35,657 64,820 24,858 222,453 583,276 2,068,523 2,821,204 16,903,400 Payments (4,581) (9,231) (20,249) (34,685) (95,197) (136,796) (309,236) (583,679) (1,510,060) (4,669,500) Short-term (net) 1,932 12,789 23,978 22,241 244,217 197,218 792,189 1,020,674 3,293,156 (2,493,400) CentralBanklAdvances(net) 331 10,719 17,394 53,010 51,857 94,723 228,953 - - Other 2,109 5,718 (1,379) (345) (6,636) (1,964) 106,962 160,980 268,524 (1,082,001) Source: SPO. Table 13a. Turkey: Consolidated Central Government Budget (in percent of GNP, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. REVENUES 13.9 15.3 15.8 17.6 19.2 17.7 18.0 19.6 21.8 23.9 General Budget 137 15.1 15.7 17.4 19.0 17.6 17.9 19.4 21.7 23.8 Tax Revenues 11.4 12.4 12.8 13.2 15.1 13.8 15.0 16.1 17.3 18.9 Non-tax Revenues 1.1 0.6 0.7 0.9 1.2 1.1 1.1 1.4 2.3 2.4 Special Revenues andFunds 1.2 2.1 2.1 3.3 2.7 2.7 1.8 1.9 2.2 2.4 AnnexBudget 0.2 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.1 0.1 EXPENDITURES 16.9 20.5 20.1 24.3 23.1 21.8 26.3 27.2 28.8 35.5 Current 8.9 10.4 11.3 11.1 9.5 8.2 8.6 9.5 9.6 11.6 Personnel 7.2 8.6 9.5 9.3 7.6 6.4 6.5 7.1 7.2 8.8 Other Current 1.7 1.8 1.8 1.8 1.9 1.8 2.1 2.4 2.4 2.8 Investment 1.7 1.8 1.7 1.8 1.3 1.2 1.6 2.0 1.7 1.8 Transfers 6.3 8.3 7.1 11.4 12.3 12.4 16.2 15.7 17.5 22.1 of which interestpayments 3.5 3.8 4.5 5.8 7.7 7.3 10.0 7.7 11.5 13.7 -Domesticinterestpayments 2.4 2.7 3.7 4.6 6.0 6.1 8.9 6.7 10.5 12.6 -Extemal interestpayments 1.1 1.1 0.9 1.2 1.7 1.3 1.1 1.0 1.0 1.1 PRIMARY BALANCE 0.5 (1.5) 0.2 (0.9) 3.8 3.3 1.7 0.1 4.6 2.1 BUJDGET BALANCE (3.0) (5.3) (4.3) (6 7) (3.9) (4.0) (8.3) (7.6) (7.0) (11.6) DeferredandAdvancepayments-net (0.1) 0.0 (1.1) 0.4 0.0 0.3 (0.2) 0.1 (0.2) (0.1) CASH BALANCE (3.1) (5.3) (5.4) (6.3) (3.9) (3.7) (8.5) (7.6) (7.2) (11.7) FINANCING 3.1 5.3 5.4 6.3 3.9 3.7 8.5 7.6 7.2 11.7 ForeignBorrowing(net) 0.0 0.3 0.4 1.1 (1.7) (1.0) (0.9) (1.5) (1.9) 0.6 Receiptsfromloans 1.4 1.7 1.8 2.3 1.1 2.0 1.9 0.8 1.5 3.6 Payments on Loans (1.4) (1.4) (1.4) (1.3) (2.9) (3.0) (2.8) (2.4) (3.4) (3.0) Domestic Borrowing (net) 2.6 4.1 5.1 5.3 5.8 4.8 8.6 8.5 8.6 12.4 MediumandLongterm 20 0.4 1.4 1.5 (1.8) 1.1 1.8 5.1 2.4 15.6 Receipts 3.2 1.8 3.2 3.2 0.6 2.8 3.9 7.0 5.3 21.6 Payments (1.2) (1,5) (1.8) (1.7) (2.4) (1.7) (2.1) (2.0) (2.8) (6.0) Short-term (net) 0.5 2.0 2.2 1.1 6.3 2.5 5.3 3.5 6.2 (3.2) Central Banlc Advances (net) 0.1 1.7 1.6 2.7 1.3 1.2 1.5 - - Other 05 0.9 (0.1) (0 0) (0.2) (0.0) 0.7 0.5 0.5 (1.4) Source: SPO. Table 14. Turkey: Consolidated Accounts of Extra Budgetary Funds (in billion TL, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. Revenue 14,027 20,664 38,613 66,532 86,944 175,552 290,508 622,426 938,849 1,295,044 Tax Revenues 11,199 15,995 33,699 57,029 69,822 135,049 217,952 543,446 871,230 1,110,278 Non-Tax Income 1,722 3,040 3,955 6,011 10,990 33,189 51,453 92,907 134,940 256,563 FactorIncome (Net) 1,106 1,629 958 3,492 6,132 7,314 21,103 (13,928) (67,321) (71,797) Expenditure 16,450 26,609 52,490 83,515 121,993 223,292 306,095 619,122 943,158 1,766,666 Current Expenditure 1,417 2,290 4,985 9,197 17,794 43,596 57,639 101,825 142,384 289,759 Current Transfers 7,454 10,270 24,610 39,599 65,410 131,487 109,358 154,336 410,810 704,137 Capital Transfers 2,468 5,621 8,129 6,798 12,922 5,620 31,196 106,280 48,895 296,793 FixedInvestments 5,111 8,428 14,766 27,921 25,866 42,589 107,903 256,681 341,069 475,977 Surplus(+) orDeficit() (2,423) (5,945) (13,876) (16,984) (35,049) (47,740) (15,587) 3,304 (4,309) (471,622) Financing 2,423 5,945 13,876 16,984 35,049 47,739 15,587 (3,304) 4,309 471,622 Foreign (Net) 126 63 2,017 (921) 3,092 13,698 18,804 91,543 65,628 239,525 Drawings 537 1,567 4,924 2,150 8,100 22,295 53,504 133,618 136,986 265,278 Repaynients (411) (1,504) (2,907) (3,071) (5,008) (8,597) (34,700) (42,075) (71,358) (25,753) Domestic (Net) 3,302 6,000 10,812 22,924 28,424 39,419 37,755 77,093 154,612 205,344 Change in Cash/Banks (Net) (1,005) (118) 1,047 (5,019) 3,533 (5,378) (40,972) (171,940) (215,932) 26,753 Source: SPO Table 14a. Turkey: Consolidated Accounts of Extra Budgetary Funds (in percent of GNP, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estinm Revenue 3.53 3.26 3.50 3.33 2.24 2.23 1.94 2.12 1.75 1.66 Tax Revenues 2.82 2.52 3.05 2.86 1.80 1.72 1.46 1.85 1.63 1.42 Non-Tax Income 0.43 0.48 0.36 0.30 0.28 0.42 0.34 0.32 0.25 0.33 FactorIncome (Net) 0.28 0.26 0.09 0 17 0.16 0.09 0.14 (0.05) (0.13) (0.09) Expenditure 4.14 4.19 4.76 4.18 3.14 2.84 2.04 2.11 1.76 2.26 Current Expenditure 0.36 0.36 0.45 0.46 0.46 0.56 0.38 0.35 0.27 0.37 CurrentTransfers 1.88 1.62 2.23 1.98 1.68 1.67 0.73 0.53 0.77 0.90 Capital Transfers 0.62 0.89 0.74 0.34 0.33 0.07 0.21 0.36 0.09 0.38 Fixed investments 1.29 1.33 1.34 1.40 0.67 0.54 0.72 0.87 0.64 0.61 Surplus (+) or Deficit(-) (0.61) (0.94) (1.26) (0.85) (0.90) (0.61) (0.10) 0.01 (0.01) (0.60) Financing 0.61 0.94 1.26 0.85 0.90 0.61 0.10 (0.01) 0.01 0.60 Foreign (Net) 0.03 0.01 0.18 (0.05) 0.08 0.17 0.13 0.31 0.12 0.31 Drawings 0.14 0.25 0.45 0.11 0.21 0.28 0.36 0.45 0.26 0.34 Repayments (0.10) (0.24) (0.26) (0.15) (0.13) (0.11) (0.23) (0.14) (0.13) (0.03) Domestic (Net) 0.83 0.95 0.98 1.15 0.73 0.50 0.25 0.26 0.29 0.26 Change in Cash/Banks (Net) (0.25) (0.02) 0.09 (.25) 0.09 (0.07) (0.27) (0.58) (0.40) 0.03 Source: SPO. Table 15. Turkey: Profit and Loss Account of SOEs (in billion TL, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. Sales ofgoods and services 81,005 133,013 232,330 386,679 866,734 1,474,001 2,810,612 5,451,514 9,160,509 16,611,439 Othersales revenue 549 1,296 1,874 3,103 1,427 4,341 4,614 21,597 33,396 53,210 Non-operating revenues 4,092 6,084 12,534 20,782 55,872 105,195 241,063 425,970 879,535 1,403,455 Total revenues 85,646 140,392 246,738 410,563 924,033 1,583,537 3,056,289 5,899,082 10,073,439 18,068,103 Costs ofgoods and services sold (53,399) (88,365) (155,774) (255,743) (541,831) (899,261) (1,756,946) (3,414,553) (5,689,467) (10,566,129) Depreciation (5,768) (8,525) (14,206) (21,364) (44,242) (100,110) (147,156) (259,541) (390,269) (624,426) Interest Payments (4,560) (11,327) (22,518) (40,272) (89,119) (93,285) (115,803) (171,671) (244,313) (396,823) Provisions (711) (1,326) (1,942) (3,006) (10,592) (16,141) (8,687) (11,836) (22,058) (61,996) Provision for exchange rate differences (1,613) (10,346) (13,288) (15,145) (67,738) (45,592) (80,345) (90,194) (215,985) (250,740) Other expenses (22,192) (46,630) (85,383) (136,401) (273,589) (428,301) (765,202) (1,472,704) (2,658,400) (4,958,402) Total expenditures (88,243) (166,519) (293,111) (471,930) (1,027,112) (1,582,690) (2,874,139) (5,420,499) (9,220,492) (16,858,516) Of which: wages and salaries (16,168) (33,151) (57,486) (99,576) (156,484) (222,904) (365,857) (787,213) (1,387,678) (2,676,479) Operating surplus/loss (2,598) (26,127) (46,373) (61,367) (103,078) 847 182,150 478,583 852,947 1,209,587 Direct taxes obligations (1,192) (1,644) (2,361) (3,758) (6,239) (26,824) (71,515) (194,350) (428,395) (800.870) Operating surplus/loss after tax (3,789) (27,770) (48,734) (65,124) (109,317) (25,977) 110,635 284,233 424,552 408,717 Subsidies 22 28 20 32 48 - - Net profit after tax (3,767) (27,743) (48,714) (65,092) (109,269) (25,977) 110,635 284,233 424,552 408,717 Of which: Declared dividends 362 189 570 835 2,213 4,708 21,587 64,791 212,845 507,050 Retained earnings (4,129) (27,932) (49,285) (65,927) (111,482) (30,685) 89,048 219,442 211,707 (98,333) MEMORANDUM ITEMS Duty losses accrued on goods sold 1,151 5,695 15,422 11,624 18,591 16,341 18,407 53,522 290,042 687,985 Operating surplus/deficit, adjusted for (1,424) (20,403) (30,930) (49,711) (84,439) 17,188 200,557 532,105 1,142,989 1,897,572 accrued duty losses Operatingsurplus/deficit, adjusted for (1.6) (14.0) (11.8) (11.8) (9.0) 1.1 6.5 8.9 11.0 10.1 accrued duty losses Source: Treasury Undersecretariat Table 15a. Turkey: Profit and Loss Account of SOEs (in percent of GNP, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. Sales of goods and services 20.4 21.0 21.1 19.4 22.3 18.8 18.8 18.5 17.1 21.2 Othersalesrevenue 0.1 0.2 0.2 0.2 0.0 0.1 0.0 0.1 0.1 0.1 Non-operatingrevenues 1.0 1.0 1.1 10 1.4 1.3 1.6 14 1.6 1.8 Total revenues 21.6 22.1 22.4 20.6 23.8 20.2 20.4 20.1 18.8 23.1 Costs ofgoods and services sold (13.4) (13.9) (141) (12.8) (13.9) (11.4) (11.7) (11.6) (10.6) (13.5) Depreciation (1.5) (1 3) (1.3) (1.1) (1. 1) (1.3) (1.0) (0.9) (07) (08) InterestPaynents (1.1) (1.8) (2.0) (2.0) (2.3) (1.2) (0.8) (0.6) (0.5) (0.5) Provisions (0.2) (0.2) (0.2) (0.2) (0.3) (0.2) (0.1) (0.0) (0.0) (0.1) Provision for exchange rate differences (0.4) (1.6) (1.2) (0.8) (1.7) (0.6) (0.5) (0.3) (0.4) (0.3) Otherexpenses (5.6) (7.4) (7.7) (6.8) (7.0) (5.5) (5.1) (5.0) (5.0) (6.3) Total expenditures (22.2) (26.2) (26.6) (23.6) (26.4) (20.1) (19.2) (18.4) (17.2) (21.5) Of which: wages and salaries (4.1) (5.2) (5.2) (5.0) (4.0) (2.8) (2.4) (2.7) (2.6) (3.4) Operatingsurplus/loss (0.7) (4.1) (4.2) (3.1) (2.7) 0.0 1.2 1.6 1.6 1.5 Direct taxes obligations (0.3) (0.3) (0.2) (0.2) (0.2) (0.3) (0.5) (0.7) (0.8) (1.0) Operating surplus/loss after tax (1.0) (4.4) (4.4) (3.3) (2.8) (03) 07 1.0 0.8 0.5 Subsidies 0.0 0.0 0.0 0.0 0.0 - - - - - Netprofitaftertax (0.9) (4.4) (4.4) (3.3) (2.8) (0.3) 0.7 1.0 0.8 . 0.5 Of which:Declareddividends 0.1 0.0 0.1 0.0 0.1 0.1 0.1 0.2 0.4 0.6 Retained earnings (1.0) (4.4) (4.5) (3.3) (2.9) (0.4) 0.6 0.7 0.4 (01) MEMORANDUM ITEMS Dutylossesaccruedongoodssold 0.3 0.9 1.4 06 0.5 0.2 0.1 0.2 0.5 0.9 Operating surplus/deficit, adjusted for (04) (3.2) (2.8) (2.5) (22) 0.2 1.3 1.8 2.1 2.4 accrued duty losses Operating surplus/deficit, adjusted for (0.0) (0.0) (0.0) (0.0) (0.0) 0.0 0.0 0.0 0.0 0.0 accrued duty losses Source: Treasury Undersecretariat Table 16. Turkey: Financing Requirement of SOEs, (in billion TL, 1990-1999) 1999 1990 1991 1992 1993 1994 1995 1996 1997 1998 Estim. Fixed investment (10,028) (14,576) (22,692) (38,266) (53,061) (78,589) (164,768) (377,067) (891,707) (1,410,607) Change in stocks (12,908) (13.931) (15,371) (33,117) (48,478) (56,241) (202,118) (524,970) (857,255) (873,324) Change in fixed assets (150) (1,469) (547) (1,963) (6,158) 11,031 (17,850) (12,387) 23,347 (102,190) Equity in joint venture companies (80) (52) (146) (89) (705) (389) (3,580) (1,875) (12,596) (33,472) Legal requirements, funds (196) (264) (393) (574) (828) (3,370) (10,368) (24,832) (64,078) (94,060) Total Financing Requirement (23,362) (30,292) (39,149) (74,010) (109,230) (127,557) (398,684) (941,131) (1,802,289) (2,513,653) Internally generated funds 4,320 (6,717) (19.841) (26,159) 11,090 131,158 325,237 581,013 840,016 838,829 Retained Earnigs (4,129) (27,932) (49,284) (65,927) (111,482) (30,685) 89,049 219,442 211,704 (98,333) Depreciation 5,768 8,525 14,207 21,364 44,242 100,110 147,156 259,541 390,269 624,426 Provisions 711 1,326 1,942 3,006 10,592 16,141 8,687 11,836 22,058 61,996 Provision for exchange rate differences 1,613 10,346 13,288 15,145 67,738 45,592 80,345 90,194 215,985 250,740 DividendsothertmanTreaaury 357 1,017 7 253 - - - - Financing requirement from outside sources (19,042) (37,009) (58,990) (100,169) (98,140) 3,602 (73,447) (360,118) (962,273) (1,674,824) Budgetary transfers 1,749 13,537 9,749 30,858 24,744 54,874 61,320 165,700 256,609 549,469 Capital 1,229 11,426 8,982 26,594 24,346 54,325 52,111 162,130 238,349 464,519 Duty losses 378 1,943 495 3,880 - - 8,297 2,050 14,960 80,000 Aid 142 168 272 385 398 549 912 1,520 3,300 4,950 Support and Development Fund 565 949 - - - - - - SOFs Borrowing Requirement (16,728) (22,523) (49,241) (69,311) (73,396) 58,476 (12,127) (194,418) (705,664) (1,125,355) Deferred payments 13,138 24,007 46,919 75,371 211,366 197,075 409,898 892,431 1,747,900 1,742,572 Advance payments (4,540) (12,398) (12,230) (38,198) (95,913) (159,041) (179,126) (601,399) (1,183,365) (757,261) Cash Financing Requirement (8,130) (10,915) (14,552) (32,138) 42,057 96,510 218,645 96,614 (141,129) (140,044) Financing 8,130 10,915 14,552 32,138 (42,056) (96,510) (218,644) (96,614) 141,130 140,043 Change in cash balances (509) (1,943) (6,697) (7,086) (18,055) (56,674) (177,449) (156,333) (314,583) (318,107) Securities and deposits 348 2,078 1,387 (2,035) (13,270) (40,073) 33,043 (161,791) (102,268) (191,195) Domestic bank lending, net 5,900 11,021 2,941 27,868 (17,760) 7,524 (35,284) 195,089 202,783 337,282 Central bank - 3,829 (731) 8,416 (11,784) 231 - 196 Commercial banks 5,758 7,204 4,010 19,497 (7,168) 7,795 (35,284) 195,089 202,783 337,086 Eximbank 142 (11) (339) (45) 1,192 (502) - - - Foreign borrowing, net 2,391 (241) 2,413 (1,316) (6,823) (13,526) (58,920) 26,421 339,849 312,063 Receipts 7,010 6,794 9,076 6,444 19,086 25,232 65,455 82,746 378,635 351,419 Repayments (4,619) (7,035) (6,664) (7,760) (25,909) (38,759) (124,375) (56,325) (38,786) (39,356) Government Bonds 0 (0) 14,509 14,707 13,850 6,240 19,966 - 15,349 Source: SPO. Table 16a. Turkey: Financing Requirement of SOEs (in percent of GNP, 1990-1999) 1998 1999 (In percent of GNP) 1990 1991 1992 1993 1994 1995 1996 1997 Estim. Prog. Fixed investment (2.5) (2.3) (21) (1.9) (1.4) (1.0) (1.1) (1.3) (1.7) (1.8) Changeinstocks (3.2) (2.2) (1.4) (1.7) (1.2) (0.7) (1.3) (1.8) (1.6) (].1) Change in fixed assets (0.0) (0.2) (0.0) (0.1) (0.2) 0.1 (0 1) (0.0) 0.0 (0.1) Equity in joint venture companies (0.0) (0.0) (0.0) (0@0) (0.0) (0.0) (0.0) (0.0) (0.0) ( 0) Legal requirements, funds (0.0) (0.0) (0.0) (0.0) (0.0) (00) (0. 1) (01) (0. 1) (0 1) Total Financing Requirement (5.9) (4.8) (3.5) (3.7) (2 8) (1.6) (27) (3.2) (34) (3.2) Intemally generated funds 1.1 (1. 1) (18) (1.3) 0.3 1.7 2.2 2.0 1.6 1.1 Retained Earnings (1.0) (4 4) (4.5) (3.3) (2.9) (0.4) 0.6 0.7 0.4 (0.1) Depreciation 1.5 1.3 1.3 1.1 1.1 1.3 1.0 0.9 0.7 0.8 Provisions 0.2 0.2 0.2 0.2 0.3 0.2 0.1 0.0 0.0 0.1 Provision for exchange rate differences 0.4 1.6 1.2 0.8 1.7 0.6 0.5 0.3 0.4 0.3 DividendsotherthanTreasury 0.1 0.2 0.0 0.0 - - - - - - Financing requirement from outside sources (4.8) (58) (5.3) (5.0) (2.5) 0.0 (0@5) (1.2) (1.8) (2.1) Budgetarytransfers 0.4 2.1 0.9 1.5 0.6 0.7 0.4 0.6 0.5 0.7 Capital 0.3 1.8 0.8 13 0.6 0.7 0.3 0.6 0.4 0.6 Duty losses 0.1 0.3 0.0 0.2 - - 0.1 0.0 0.0 0.1 Aid 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 0.0 SOE's Borrowing Requirement (4.2) (3.6) (4.5) (3.5) (1.9) 0.7 (01) (0-7) (1.3) (1.4) Deferred payments 3.3 3.8 4.3 3.8 5.4 2.5 2.7 3.0 3.3 2 2 Advancepayments (1.1) (2.0) (1.1) (1.9) (25) (2.0) (1.2) (2.0) (2.2) (1.0) Cash Financing Requirement (2.0) (1.7) (1.3) (1.6) 1.1 1.2 1.5 0.3 (0.3) (02) Financing 2.0 1.7 1.3 1.6 (I.1) (1.2) (1.5) (0.3) 0.3 0.2 Change in cash balances (0.1) (0.3) (0.6) (0.4) (0.5) (0.7) (1.2) (0.5) (0.6) (0.4) Securities and deposits 0.1 0.3 0.1 (0.1) (0.3) (0.5) 0.2 (0.6) (0.2) (0.2) Domesticbank lending. net 1.5 1.7 0.3 1.4 (0.5) 0.1 (0.2) 0.7 0.4 0.4 Central bank - 0.6 (0.1) 0.4 (0.3) 0.0 - 00 Commercialbanks 1.4 1.1 0.4 1.0 (0.2) 0.1 (0.2) 0.7 04 04 Eximbank 0.0 (0.0) (0.0) (0.0) 0.0 (00) - - Foreign borrowing, net 0.6 (0.0) 0.2 (0.1) (0.2) (0.2) (0.4) 0.1 0.6 04 Receipts 1.8 1.1 0.8 0.3 0.5 0.3 0.4 0.3 0.7 04 Repayments (1.2) (1.1) (0.6) (0.4) (0.7) (0.5) (0.8) (0.2) (0.1) (01) Government Bonds 0.0 (0.0) 1.3 0.7 0.4 0.1 0.1 - 0.0 Source: SPO. Table 17. Turkey: Income and Expenditure Accounts of Social Security Institutions (in billion TL, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Estirn. Incomes 17,245 29,646 59,517 98,123 164,793 281,580 691,779 1,417,860 2,756,275 4,740,605 Premium Collection 15,544 26,123 48,594 78,344 127,822 219,376 504,268 1,213,868 2,246,781 4,069,278 Expenditures 16,159 30,822 62,120 112,360 206,371 401,746 945,183 1,991,781 3,981,141 7,119,331 Insurance Expenditures 13,088 24,017 45,982 82,511 147,739 285,817 670,453 1,524,252 2,866,941 5,267,062 Deficit 1,086 (1,176) (2,603) (14,237) (41,578) (120.166) (253,404) (573,921) (1,224,866) (2,378,726) BudgetTransfers 300 - 2,700 19,010 70,589 218,064 571,370 1,033,794 2,218,509 SSK - - - - 14,480 59,200 146,000 337,000 451,000 1,105,000 BAGKUR - 300 - 2,700 4,530 8,000 70,100 123,000 435,000 610,000 EMEKLI SANDIGI - 3,389 1,964 111,370 147,794 503,509 Source: SPO. Table 17-a. Turkey: Income and Expenditure Balance of Social Security Institutions (in percent of GNP, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Estim. Incomes 4.3 4.7 5A4 4.9 4.2 3.6 4.6 4.8 5.2 6.1 Premium Collection 39 4.1 4.4 3.9 3.3 2.8 3.4 4.1 4.2 52 Expenditures 4.1 4.9 5.6 5.6 5.3 5.1 6.3 6.8 7.4 9.1 Insurance Expenditures 3.3 3.8 4.2 4.1 3.8 3.6 4.5 5.2 5.4 6.7 Deficit 0.3 (0.2) (0.2) (0.7) (1.1) (1.5) (1.7) (2.0) (2.3) (3.0) Budget Transfers - 0.0 - 0.1 0.5 0.9 1.5 1.9 1.9 2.8 SSK - - - - 0.4 0.8 1.0 1.1 0.8 1.4 BAGKUR - 0.0 - 0.1 0.1 0.1 0.5 0.4 0.8 0.8 EMEKLI SANDIGI - - - - 0.0 0.0 0.4 0.3 0.6 Source: SPO. Table 18. Turkey: Treasury's Yearly Domestic Borrowing and Domestic Debt Stock (in billion TL, 1990-1999) Repayments Debt Principals Intcest Total Borrowing Stock GosUn=t Boards 4520 6302 10822 12458 1801 CoeaolidatoDobt 3617 1876 5493 8005 30040 1990 TmswyBills 6511 1744 8255 8443 5469 S,rtTom Ad, anos 17770 114 17084 18102 2870 Total 3241J 11036 42454 4700S 57180 GoorasnltBoods 6415 10221 16636 11510 24678 CoaraoidatedD Do 5480 1474 6954 16562 41122 1991 Ture yBill. 214S8 4953 26441 34277 1825g ShnoTeormAdvamism 41525 266 41791 52244 13589 TouW 74908 16914 91822 114593 97647 Gosoroooat BoaBds 235S0 15898 3947B 74971 S6307 Consoloitod Drbt 6598 1942 8540 8804 34602 1992 Troury Bills 51937 15033 66970 75926 42247 ShalTam Advancos 105222 1214 106436 122632 31000 Total 187337 34087 221424 282333 194236 Go_lnmentBonds 69795 42321 112116 172215 190505 ConsolidatedDebt. 867S 0 8678 6009 31933. 1993 TrvaatsyBills 156909 41612 198521 179151 644S8 S).6 lTooAdsao; 203n77 1485 204562 242498 70421 Total 438459 85418 523877 599873 357347 GovQ.,anrot Bonds 160,748 112,467 273,215 209,620 239,385 CoiolidslodDbts 31,933 - 31,933 133,417 133,417 1994 T-tyBill. 395,433 114,017 509,450 635,177 304,230 SlortlTenrmvancos 275,472 4,551 278,023 51,857 122,278 Total 861,585 231,035 1,092,620 1,030,079 799,310 Gova,orarnt Bonds 94489 110705 205194 366873 511,769 CorsolidlaDdNs 133417 0 133417 25940 25940 1995 Toreany Bill. 971562 356466 1328028 1298630 631298 Shon Tan A,saaoos 71937 5633 77570 141659 192000 Toe4 1271405 4728904 1744209 1833102 1361007 Gosontrotsn Bonds 536788 327774 864562 1247865 1250154 Consolidtod Dabt, 25900 0 25900 0 40 1996 TaswyBill, 2S26351 908005 3814356 3722028 152783S Shwo TcnAd&mcos 196947 9638 206505 375900 370953 TOWL 3585986 1325417 4911403 5345793 3148985 Goo=ront Bonds 917626 860394 177S020 3,1S5,561 3.570,812 Cooolidsa4d Debts 40 0 40 - - 1997 Twsay Bilb 2226587 1099736 3326123 3,074,400 2,374,990 Shot To Ad.,oot 143371 17033 160404 110,041 337,623 Toalw 3287424 1977163 5264587 6,370,002 6,283,425 (;o b'vat ood 2426865 2587441 5014306 4708064 5,771,980.0 Coslidaed D*u 0 0 0 0 1994 Tn:sassyBills 6080345 3035836 91161S1 9546260 5,840,905.0 Short Trm Ad,ances 337623 3399 341022 0 ToWl 8S44133 5626676 14471509 14254324 11,612.88350 Glosoaa Bords 6,116,357 4,889,437 11,005,795 20,027,769 19,683,392 Conssolidaivd Debt- - , - 0 1999 T- vBilb 9,462,788 5,004,947 4,240 6,858,636 3,236,753 Shon Tonrs Adv, - 4,240 25,477,769 Total 15,579,145 9,98,624 25,477,769 26,886,405 22,920,145 1/ Includes public securifies issued against intra-public sector debt. Source: Treasury. Table 19. Turkey: Compound Interest Rates on Government Bonds and T-bills 1/ (annually compounded rates, in percent, 1990-1999) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3 m,tOhs 4646 47.37 47.16 47.05 47 47.5S 5017 53.29 56.23 5735 60.69 67.6 1990 6 mon6ts 402s 47.7 49.28 49.5 50.5 51.27 52.00 53.69 56.4s 57.95 59.72 6272 9months 50.43 500 49.96 50.59 50.5S 508 51.23 51.1S 52.97 542 55.83 57.75 Ifcr 50.77 5026 50.41 50.54 5033 50.39 - 5047 50.64 5231 53.71 58.09 3 montos 6640 7429 S1.94 6713 92.96 8694 66.94 6554 8777 94.47 90.12 08.09 1991 6 mootl 65 74 72.98 79.37 $0.2 $220 77.69 76.69 73 42 77.72 *6 76 91 82 84.72 9months 66.73 73.16 7471 7s79 8291 6751 67.52 - 70.94 70la $322 7984 lews 6000 65.44 6971 7289 75.05 6099 61 706$ 75.15 76,99 72.99 3 months 66.94 S6 81 06 S1 68.09 93 62 90.39 101 55 99.52 97.85 97 65 9s 19 96 45 1992 6monlhs 63.36 S3.12 83.25 6360 86.30 92.29 91.57 91.27 09.45 6942 $9.37 0983 9 mntlhs 76.07 7664 76.61 78.32 6023 62.67 01.96 81.64 81 2 $1.13 81.13 S1.59 I 71.94 71.51 71.7 725 7441 77.39 76.17 77.63 77.24 77.51 7764 77.03 3mo wln 9045 90.03 83.13 $4.00 8617 65.54 t5.54 63.63 $2.25 7957 1993 6mmonms 69.83 8994 8322 67.14 070$ 66.79 69.73 04.82 82.09 9mo6ths 82.5 85.05 6474 87.64 07.95 S8.71 09.78 90.12 85.88 $622 87.65 I war 7809 79.99 8227 83 87 6525 $5 09 06.51 07.30 87.97 86.69 87.91 6923 3 momnhs - 142.89 14219 - 21055 293.46 145.63 131.50 122.48 106.46 12696 137.57 1994 6months 97.99 126.16 . 19097 169.71 145.08 131.34 12103 * 134.7 9monhls 98.92 129.15 . 12302 . 1371s Ivm 94 125 12999 126.5s 22254 - - 3 -th. 16S.1 - - 102.84 10.95 93.75 69 S7.97 1 8 $07.7 1995 6monlths - 153.51 - 96.87 109.73 123.74 9 m-othI - - 117 21 94 3 111 71 - - 90 92 Iser - - 12334 9799 115.82 - 105.07 99.83 3 months - - - 11026 - - - - 473.04 - 1996 6mont6s - - - - 121.15 - - 128.92 - 223.53 263.28 9on - - - - - - - - 06 3 months 1997 6 months - . - 119 41 - 142 04 9 mnoths - - - - . - 124.47 IoN - - 109.02 - . - - 129 10 3 month - 123 62 - . - - 109.09 199S 6months 13024 134.62 127.87 115.s0 - 96ol 7623 94.06 141.75 14566 9months - - - 111.94 10029 93.60 8062 103.39 - 139.55 I* 9 9797 106.00 92.70 . . - 3 mooffi - . - - 98 9.96 - - 95 65 93 32 1999 6montls - 119.91 110.41 10460 - 96.20 96.66 9 othI - - I yor - 130.32 9999 107.06 936s 104.1 * 95.59 - 1/ Irregular matuities and pPublic offering are not included. Source: Treasury. Table 20. Turkey: Central Bank Analytical Balance Sheet (in billion TL, year-end, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Assets Foreign Assets 25,583 38,736 75,758 128,126 368,701 911,817 2,041,524 4,336,722 7,204,082 14,490,507 Domestic Assets 35,404 58,053 101,486 157,675 324,303 509,295 640,317 364,267 (336,158) (1,506,823) Cash Operations 8,996 25,624 66,751 125,75 1 190,499 464,283 643,891 554,348 80,643 (368,045) Cash Credits to Public 5,324 22,904 62,602 108,482 214,161 466,496 821,261 889,105 771,915 904,199 Cash Credit to Banks 5,320 5,295 9,442 18,862 12,327 12,254 7,693 7,681 7,544 7,680 Other Items (1,648) (2,575) (5,293) (1,593) (35,989) (14,467) (185,063) (342,438) (698,816) (1,279,924) Evaluation Account 26,408 32,429 34,735 31,924 133,804 45,012 (3,574) (190,081) (416,801) (1,138,778) TOTAL 60,987 96,789 177,244 285,801 693,004 1,421,112 2,681,841 4,700,989 6,867,924 12,983,684 Liabilities Total FX Liabilities 37,150 52,796 89,407 157,688 499,864 1,048,318 1,975,747 4,053,023 6,340,632 11,396,744 Foreign Liabilities 26,132 38,340 61,347 111,133 390,083 775,667 1,409,326 2,545,585 4,297,078 6,687,454 Domestic Liabilities 11,018 14,456 28,060 46,555 109,781 272,651 566,421 1,507,438 2,043,554 4,709,290 FX DepositsofNon-Banks 4,605 5,243 10,798 16,692 14,237 102,802 212,984 703,959 668,292 1,717,626 FXDepositsofBanks 6,413 9,213 17,262 29,863 95,544 169,849 353,437 803,479 1,375,262 2,991,664 CB Money 23,837 43,993 87,837 128,113 193,140 372,794 706,094 647,966 527,292 1,586,940 Reserve Money 23,871 37,244 61,195 101,721 185,738 343,484 621,483 1,186,386 2,145,718 3,932,065 Currency Issued 14,074 21,288 36,838 63,104 120,212 223,934 382,243 758,878 1,328,542 2,390,748 Banking Sector Deposits 8,887 14,161 23,120 36,048 63,662 113,792 228,199 370,758 782,555 1,488,487 Required Reserves 7,323 11,227 19,064 30,341 57,510 106,549 175,512 336,353 694,261 1,022,571 Free Deposits 1,564 2,934 4,056 5,707 6,152 7,243 52,687 34,405 88,294 465,916 Other CB Money 876 8,544 27,879 28,961 9,266 35,068 95,652 (481,670) (1,583,805) (2,292,295) Deposits ofPublic Funds 358 1,488 693 1,491 657 3,193 6,549 49,722 16,737 31,194 Deposits of Non-Bank Priv 552 307 544 1,078 1,207 2,565 4,492 7,028 17,884 21,636 Open Market Operations (927) 5,584 21,779 21,835 1,138 15,926 51,369 (720,339) (1,830,589) (2,406,795) Public Sector Deposits 893 1,165 4,863 4,557 6,264 13,384 33,242 181,919 212,163 61,670 TOTAL 60,987 96,789 177,244 285,801 693,004 1,421,112 2,681,841 4,700,989 6,867,924 12,983,684 Source: Central Bank. Table 21. Turkey: Balance of Payments, 1990-1999 (US$ million) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Merchandise exports, FOB 13,025 13,667 14,891 15,610 0 18,390 0 21,975.0 32,446.0 32,647.0 31,220.0 29,326.0 Exports FOB in trade returns 12,959 13,593 14,715 15,344.0 18,106.0 21636 23225 26261 26973 26588 Luggage Trade 0 8842 5849 3689 2255 Transit trade 66 74 176 266.0 284.0 339 379 537 558 483 Merchandise imports, FOB (22,580) (21,007) (23,082) (29,772.0) (22,606.0) (35,187.0) (43,028.0) (48,005.0) (45,440.0) (39,773.0) Imports CIF in trade returns (22,302) (21,047) (22,872) (29,429) (23,270) (35,709) (43,627) (48,559) (45,922) (40,692.0) Imports ofnonmonetary gold (1,532) (1,161) (1,430) (1,881) (480) (1,322) (1,672) (1,867) (1,761) (1,0790) Transit trade (45) (64) (151) (229) (251) (301) (347) (492) (514) (442.0) Freight anid ins. on Import 1,299 1,265 1,371 1,767 1,395 2,145 2,618 2,913 2,757 2,440.0 Trade Balance (9,555.0) (7,340.0) (8,191.0) (14,162.0) (4,216.0) (13,212.0) (10,582.0) (15,358.0) (14,220.0) (10,447.0) Other goods, servsces, and Income: Credit 8,933.0 9,3150 10,451.0 11,843.0 11,691.0 16,094.0 14,628.0 21,273.0 25,802.0 18,748.0 Travel 3,225 2,654 3,639 3,959.0 4,321.0 4,957.0 5,650.0 7,002.0 7,177 0 5,203.0 Interest 917 935 1,012 1,135.0 890.0 1,488.0 1,577.0 1,900.0 2,481.0 2,350.0 Other 4,791 5,726 5,800 6,749 0 6,480.0 9,649.0 7,401.0 12,371.0 16,144.0 11,195.0 Othlergoods, services, and itncome: Debit (6,496) (6,816) (7,262) (7,829.0) (7,936.0) (9,717 0) (10,930.0) (13,419.0) (15,325.0) (14,840.0) Travel (520) (592) (776) (934.0) (866.0) (911.0) (1,265.0) (1,716.0) (1,754.0) (1,471.0) Interest (3,264) (3,430) (3,217) (3,461.0) (3,923.0) (4,303.0) (4,200.0) (4,588.0) (4,823.0) (5,450.0) Other (2,712) (2,794) (3,269) (3,434.0) (3,147.0) (4,503.0) (5,465.0) (7,115.0) (8,748.0) (7,919.0) Total: Goods, services, and income (7,118.0) (4,841.0) (5,002.0) (10,148.0) (461.0) (6,835.0) (6,884.0) (7,504.0) (3,743.0) (6,5390) Private unrequited transfers Credit 3,374.0 2,879.0 3,147.0 3,035.0 2,709 0 3,425.0 3,892.0 4,552.0 5,568.0 4,813.0 Workers' rensittances 3,246.0 2,819.0 3,008.0 2,919.0 2,627.0 3,327.0 3,542.0 4,197 0 5,356.0 4,529.0 Other 128.0 60.0 139.0 116.0 82.0 98.0 350.0 355.0 212.0 284.0 Private unrequited tranisfers: Debit (25) (25) 0 0 0 0 0 0 0 0 Official unrequited transfers: Credit 1,144.0 2,245.0 912.0 733.0 383.0 1,071.0 555.0 314.0 159.0 362.0 Workers' remittances 79 82 66 44.0 37.0 38.0 48.0 32.0 41.0 47.0 Other(net) 1,065 2,163 846 689.0 346.0 1,033.0 507.0 282.0 118.0 315.0 A. Current Account Balance (2,625.0) 258.0 (943.0) (6,380.0) 2,631.0 (2,339.0) (2,437.0) (2,638.0) 1,984.0 (1,364.0) B. Capital accouit 4,037.0 (2,397.0) 3,648.0 8,963.0 (4,194.0) 4,643 0 8,763.0 8,737.0 448,0 4,671.0 Foreign direct inivestment 700 783 779 622.0 559.0 772.0 612.0 554.0 573.0 138.0 Portfolo investmnent 547 648 2,411 3,917.0 1,158.0 237 0 570.0 1,634.0 (6,711.0) 3,429.0 Otler long terin capital (210) (808) (938) 1,370.0 (784.0) (79.0) 1,636.0 4,788.0 3,985 0 345 0 Drawings 3,679 3,784 3,523 4,857.0 3,349.0 4,126.0 6,048.0 9,905.0 11,505 0 11,036.0 Dresctier 49 (497) 410 925 0 1,315.0 1,462.0 1,273.0 978.0 654.0 (131.0) Repayments (3,938) (4,095) (4,871) (4,412.0) (5,448.0) (5,667.0) (5,685.0) (6,095.0) (8,174.0) (10,560.0) Short term capital 3,000 (3,020) 1,396 3,054.0 (5,127.0) 3,713.0 5,9450 1,761.0 2,601.0 759.0 Assets (409) (2,563) (2,438) (3,291) 2,423 (383) 331 (1,750) (1,464) (2,571.0) Credits extended 156 (811) (327) (289.0) (38.0) 1,101.0 (125.0) (358.0) (261.0) (453.0) Total chalges inlholdings (565) (1,752) (2,111) (3,002.0) 2,461.0 (1,484.0) 456.0 (1,392.0) (1,203.0) (2,118.0) Liabilites 3,409 (457) 3,834 6,345 (7,550) 4,096 5,614 3,511 4,065 3,330 Credits 2,520 590 4,091 5,681 0 (7,495 0) 3,096 0 4,320.0 3,613.0 1,842.0 2,960.0 Deposits 889 (1,047) (257) 664.0 (55.0) 1,000.0 1,294.0 (102.0) 2,223.0 370.0 C. Net errors and onussions (468) 940 (1,221) (2,275.0) 1,769.0 2,354 0 (1,781.0) (2,755.0) (1,985.0) 1,899.0 D. Exceptional financing 0 0 0 - - - - - - - E. Counterpart items 364 170 0 - - - - - - Overall balaiice 1,308.0 (1,029.0) 1,484.0 308.0 206.0 4,658.0 4,545.0 3,344.0 447.0 5,206.0 D. Reserve mnovesnents (1,308.0) 1,029 0 (1,484.0) (308.0) (206 0) (4,658 0) (4,545.0) (3,344.0) (447.0) (5,206.0) IMF (53) 0 0 340.0 347.0 - (28.0) (231.0) 408.0 Official reserves (1,255) 1,029 (1,484) (308.0) (546 0) (5,005.0) (4,545.0) (3,316.0) (216.0) (5,614.0) Source: Central Bank. Table 22. Turkey: Exchange Rate Developments (1990-1999) Real TL/USS Real TL/DM Real Effective TL/S Exchange Rate Index Index Exchange Rate Average End-Period 1995Jan-l00 1995Jan=100 1995Jan-100 (Down: Dep.) (Down: Dep.) (Down: Dep.) 1990 2,606 2,927 122.5 132.0 127.3 1991 4,168 5,075 123.1 136.9 130.0 1992 6,864 8,556 123.0 126.6 124.8 1993 10,965 14,458 124.1 133.2 128.6 1994 29,670 38,418 93.7 98.9 96.3 1995 45,678 61,054 112.2 105.2 108.7 1996 8Q0798 107,505 110.9 110.8 110.9 1997 151,239 204,750 107.0 123.8 115.4 1998 259,627 312,720 112.7 132.5 122.6 1999 416,686 540,098 113.2 139.3 126.3 1997 Jan 111,651 115,320 106.0 113.3 109.7 Feb 118,907 121,490 105.0 117.2 111.1 Mar 124,559 126,270 105.6 119.9 112.8 Apr 130,590 134,630 108.4 124.2 116.3 May 136,767 139,580 107.9 122.4 115.2 Jun 143,733 146,670 104.9 120.9 112.9 Jul 152,826 158,800 103.6 122.9 113.2 Aug 162,989 165,660 102.5 125.7 114.1 Sep 169,744 172,810 105.8 126.6 116.2 Oct 177,478 180,240 110.7 129.8 120.3 Nov 186,572 193,550 112.6 131.1 121.8 Dec 199,051 204,750 110.7 131.7 121.2 1998 Jan 211,141 214,190 1117 135.9 123.8 Feb 222,140 228,460 110.5 133.9 122.2 Mar 234,514 239,120 108.7 133.1 120.9 Apr 245,028 248,420 109.3 133.0 121.2 May 251,310 255,810 109.8 130.3 120.1 Jun 260,056 265,050 107.2 128.6 117.9 Jul 265,627 268,270 108.3 130.7 119.5 Aug 273,21S 276,560 109.1 130.8 120,0 Sep 274,576 275,890 116.1 131.8 124.0 Oct 278,199 284,480 121.8 133.6 127.7 Nov 293,540 301,210 120.4 135.7 128.1 Dec 306,171 312,720 119.0 132.6 125.8 1999 Jan 320,299 329,894 118.6 134.2 126.4 Feb 340,259 350,034 114.7 134.2 124.5 Mar 357,859 365,579 113.1 135.9 124.5 Apr 378,367 387,750 112.3 137.6 125.0 May 394,018 402,551 111.0 137.1 124.0 Jun 411,888 418,189 109.4 138.3 123.8 Jul 425,565 425,880 109.3 138.4 123.9 Aug 434,041 443,201 111.4 138.1 124.7 Sep 451,981 459,780 113.3 141.5 127.4 Oct 465,610 477,319 116.9 143.3 130.1 Nov 494,501 512,738 114.5 144.9 129.7 Dec 525,838 540,098 113.9 148.2 131.0 Source: Central Bank and Staff estimate. Table 23.Turkey: Outstanding External Debt (old series, US$ million, 1990-1995) 1990 1991 1992 1993 1994 1995 Total 49,035 50,489 55,592 67,356 65,601 73,278 Medium and Long-tenr 39,535 41,372 42,932 48,823 54,291 57,577 Short-term 9,500 9,117 12,660 18,533 11,310 15,701 Medium-and Long-term 39,535 41,372 42,932 48,823 54,291 57,577 Consolidated Budget 23,659 25,134 25,798 28,336 30,416 31,095 Local Administrations 1,032 1,159 1,695 1,602 2,549 2,414 Extra Budgetary Funds 939 1,103 949 836 1,045 1,127 Universities 1 9 21 24 57 25 SEEs 4,785 5,185 5,135 5,439 5,483 4,811 Central Bank 7,321 6,530 6,150 6,618 8,597 10,486 Private Sector 1,798 2,252 3,184 5,968 6,144 7,619 Short-term 9,500 9,117 12,660 18,533 11,310 15,701 Central Bank 855 557 572 667 828 993 of which Dresdner 695 553 569 666 823 973 Commercial Banks 5,373 5,216 7,157 11,127 4,684 6,659 Other Sectors 3,272 3,344 4,931 6,739 5,798 8,049 Source: Treasury. Table 23a-Turkey: Outstanding External Debt, 1/ (new Series, US$ million, 1996-1999) 1996 1997 1998 1999 Total 79,637 84,891 96,906 101,781 Medium and Long-term 62,292 66,897 75,689 78,309 Short-term 17,345 17,994 21,217 23,472 Medium and Long-term 62,292 66,897 75,689 78,309 A - Public Sector 40,182 39,390 40,327 42,228 I - General Govemnient 36,196 35,255 36,337 38,263 a - Central Govermnent 32,066 31,334 32,308 34,567 b - Local Administrations 2,966 2,915 3,196 3,029 c-ExtuaBudgetaiy Funds 1,148 997 823 663 d - Universities 16 9 11 5 2- Other Public Sector 1,085 939 686 583 3- SOEs 2,902 3,196 3,304 3,382 a- Financial SOEs 157 420 452 641 b- NonFinancial SOEs 2,744 2,776 2,852 2,741 B - Central Bank 11,389 10,868 12,073 10,312 a- CBRT Loans 669 601 392 396 b-Dresdner Bank Scheme 10,720 10,267 11,681 9,916 C - Private Sector 10,721 16,639 23,289 25,768 1-Financial 3,345 5,532 7,116 6,958 a - Banks 2,263 3,752 4,530 4,251 b - Non-Bank Financial Enterprises 1,082 1,780 2,586 2,706 2-Non-Financial 7,376 11,107 16,172 18,811 Short Tem 17,345 17,994 21,217 23,472 A - Central Bank 984 889 905 686 a- CBRT Loans 42 30 7 6 2 - Dresdner Bank Scheme 942 859 898 680 B-DepositMoneyBanks 8,419 8,503 11,159 13,172 C - Other Sectors 7,942 8,602 9,153 9,614 1/ New series Source: Treasury. Table 24. Turkey: International Reserves (US$ million, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Central Bank 7,441 6,411 7,610 7,701 8,522 13,774 17,656 19,543 20,733 24,188 Gold, Official Value 1,468 1,493 1,494 1,488 1,410 1,383 1,383 1,124 1,012 1,011 Foreign exchange 5,972 4,918 6,116 6,213 7,112 12,391 16,273 18,419 19,721 23,177 Commercial Banks 3,971 5,842 7,644 10,061 7,997 9,563 7,352 7,625 8,773 9,945 International Reserves 11,411 12,253 15,254 17,762 16,519 23,336 25,008 27,168 29,506 34,133 Source: Central Bank. Table 25. Turkey: Monetary Aggregates (in billion TL, end-of period, 1990-1999) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Currency issued 14,074 21,288 36,838 63,104 120,212 223,934 382,243 758,878 1,328,542 2,390,748 Reserve Money 23,871 37,244 61,195 101,721 185,738 343,484 621,483 1,186,386 2,145,718 3,932,065 Ml 31,398 46,793 78,341 129,087 230,847 388,185 896,855 1,581,210 2,562,478 4,272,018 Currency in Circulation 11,378 17,449 30,389 51,645 102,328 189,465 319,024 610,871 1,057,864 1,887,153 Demand Deposits 20,020 29,344 47,952 77,442 128,519 198,719 577,831 970,339 1,504,615 2,384,865 Central Bank 28 19 184 307 177 47 83 487 84 302 DepositMoneyBanks 19,993 29,325 47,768 77,135 128,341 198,672 577,748 969,852 1,504,531 2,384,563 M2 71,570 117,118 190,736 282,442 630,348 1,256,632 2,924,893 5,658,800 11,423,198 21,992,654 Ml 31,398 46,793 78,341 129,087 230,847 388,185 896,855 1,581,210 2,562,478 4,272,018 Time Deposits 40,172 70,325 112,395 153,355 399,501 868,447 2,028,039 4,077,590 8,860,720 17,720,636 M2Y 93,363 168,054 293,970 473,059 1,195,353 2,414,597 5,373,709 10,664,059 20,212,650 40,153,557 Residents' F/X Deposits 21,793 50,936 103,234 190,617 565,005 1,157,966 2,448,816 5,005,258 8,789,452 18,160,903 Central Bank 743 1,046 1,843 3,827 3,130 12,147 39,225 111,441 135,152 23,093 DepositMoneyBank 21,051 49,889 101,391 186,790 561,875 1,145,819 2,409,591 4,893,818 8,654,300 18,137,810 0 0 M3 76,127 123,149 203,259 299,600 668,533 1,337,218 3,159,687 6,139,428 12,037,538 23,024,065 Official Deposits 3,511 3,136 6,593 12,540 19,064 36,804 165,738 221,367 364,531 796,961 Other 1,046 2,894 5,930 4,619 19,121 43,782 69,056 259,261 249,809 234,450 CurrencySubstitution(fxIM2Y) 23.34 30.31 35.12 40.29 47.27 47.96 45.57 46.94 43.48 45.23 Money multiplier ml 1.32 1.26 1.28 1.27 1.24 1.13 1.44 1.33 1.19 1.09 m2 3.00 3.14 3.12 2.78 3.39 3.66 4.71 4.77 5.32 5.59 m2y 3.91 4.51 4.80 4.65 6.44 7.03 8.65 8.99 9.42 10.21 Source: Central Bank.