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The business and finance capital of Turkey, Istanbul is the country's largest metropolis with 15.2 million inhabitants in 2016. The city was 19% wealthier than Ankara, yet ranked below most Western European cities, by GDP per capita, in 2016. The central government aims to transform Istanbul into a key international financial centre, particularly by serving as a hub for Islamic banking and Arab investment funds, but political uncertainty hitting the economy in late 2016 complicates this process.
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Labour productivity (gross value added (GVA) per employee) in Istanbul was USD38,000 in 2016, 50% higher than in the rest of the country and 21% above that in Ankara. Istanbul's geographic location favours trade (exports were 38% of GDP versus 9% in Ankara. The city is the country's prominent financial centre.
Higher labour productivity boosts average disposable income per household in Istanbul. It was 41% higher compared with the average across the rest of Turkey and 1.4% higher than in Ankara, in 2016.
Per household expenditure (excluding housing and transport), USD18,900 in 2016, was 22% higher in the city compared to the rest of Turkey, yet at same level as in Ankara. Food and non-alcoholic expenditure in Istanbul was 7.9% higher than elsewhere in Turkey and a mere 1.1% lower than in Ankara. Among discretionary items, household expenditure on hotels and restaurants in Istanbul in 2016 was nearly 69% higher than elsewhere in Turkey and 10% more than in Ankara the same year.
Altogether, household expenditure on transport and housing in Istanbul (USD11,500 in 2016) exceeded the rest of the country's average by 42%. However, once again, the figure was equal to that in Ankara. Spending on housing in Istanbul was notably 65% higher than elsewhere in Turkey and 19% more than in Ankara, in 2016.
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