Turkish economy 2nd biggest among Islamic countries

DAILY SABAH
ISTANBUL
Published

Turkey, whose gross national income (GNP) was $820 billion in 2013, has now become the second biggest economy among Islamic nations after Indonesia. The "Investment Outlook on Growing Islamic Markets Report," issued by Thomson Reuters and Islamic market research and consultancy firm Dinar Standard, was presented at the Global Islamic Investment Ways 2015 conference organized in Bahrain on Tuesday. Accordingly, while Turkey is the second biggest economy in terms of GNP after Indonesia, it had the highest level of export revenues - $51.8 billion - and the highest domestic market size - $95 billion - in the Islamic world. The report also demonstrated that the total gross national product (GDP) of the 57 Muslim countries who are members of the Organization of Islamic Corporation (OIC), has reached $6.7 trillion, and the halal food and lifestyle market's size increased to $2.1 trillion. The Islamic finance sector's market size has also exceeded $1.5 trillion. The growth rate of Islamic countries between 2015 and 2019 is estimated to reach 5.4 percent, which is higher than the world average by 1.8 percent, and higher than BRICS's (Brazil, Russia, India, China and South Africa) growth rate, which is expected to be around 3.9 percent.

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