ISTANBUL: THE TOP INVESTMENT MARKET FOR TWO YEARS RUNNING (2010-2016)
Istanbul bears the characteristic of being the capital and is also one of the few cities which has been the center of the country’s economic life. Although the city did not become the political capital for the new Republic established in 1923, it has always been one of the country’s economic centers and has never lost its important status in the country.
When we glance at the city’s economy and working-occupational-professional life, Istanbul generates about 23% of Turkey’s Gross National Product (GNP). Its annual contribution to the state budget is about 40%. On the other hand, the city’s share of government expenditures has remained roughly 7-8%.
The headquarters of all private banks, and 21% of the total number of bank branches in Turkey, are located in Istanbul.
Istanbul has a central importance in both domestic and international trade. The added value created in Istanbul, reaches 26.5 percent of provincial total added value, and trade is the second most important sector in Istanbul after industry. In Turkey, 27% of the general added value created in the commercial sector is created by Istanbul. Istanbul is, at the same time the most important export and import gate of Turkey. Turkey’s total export figures constitute 46% and imports 40% of the country’s import figures.
Being the center of tourism and host to many convention centers, Istanbul is an important center of tourism. The number of foreign tourists visiting Istanbul has reached 10 million in 2015. One-fourth of the city’s hotels are five-stars and almost one-fifth are four-star hotels.
Furthermore, 14 of the 153 museums located Turkey are found in Istanbul, and 34% of the 2.400.000 pieces of art displayed in Turkey can be seen in Istanbul.
Istanbul is also the center of the country’s air transport industry. In addition to Ataturk Airport on the European side, the second airport Sabiha Gokcen Airport is located in Pendik on the Anatolian side of the city. Project of the third airport is planned to be constructed in the near future.