section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Istanbul had the eleventh-largest economy among the world's urban areas in 2018, and is responsible for 30 percent of Turkey's industrial output, 31 percent of GDP, and 47 percent of tax revenues. The city's gross domestic product adjusted by PPP stood at US$537.507 billion in 2018, with manufacturing and services accounting for 36 percent and 60 percent of the economic output respectively. Istanbul's productivity is 110 percent higher than the national average. Trade is economically important, accounting for 30 percent of the economic output in the city. In 2019, companies based in Istanbul produced exports worth $83.66 billion and received imports totaling $128.34 billion; these figures were equivalent to 47 percent and 61 percent, respectively, of the national totals.
  
  Istanbul, which straddles the Bosporus strait, houses international ports that link Europe and Asia. The Bosporus, providing the only passage from the Black Sea to the Mediterranean, is the world's busiest and narrowest strait used for international navigation, with more than 200 million tons of oil passing through it each year. International conventions guarantee passage between the Black and the Mediterranean seas, even when tankers carry oil, natural gas, chemicals, and other flammable or explosive materials as cargo. In 2011, as a workaround solution, the then Prime Minister Erdoğan presented Canal Istanbul, a project to open a new strait between the Black and Marmara seas. While the project was still on Turkey's agenda in 2020, there has not been a clear date set for it.
  
  Shipping is a significant part of the city's economy, with 73.9 percent of exports and 92.7 percent of imports in 2018 executed by sea. Istanbul has three major shipping ports – the Port of Haydarpaşa, the Port of Ambarlı, and the Port of Zeytinburnu – as well as several smaller ports and oil terminals along the Bosporus and the Sea of Marmara.
  
  Haydarpaşa, at the southeastern end of the Bosporus, was Istanbul's largest port until the early 2000s. Since then operations were shifted to Ambarlı, with plans to convert Haydarpaşa into a tourism complex. In 2019, Ambarlı, on the western edge of the urban center, had an annual capacity of 3,104,882 TEUs, making it the third-largest cargo terminal in the Mediterranean basin.
  
  Istanbul has been an international banking hub since the 1980s, and is home to the only active stock exchange in Turkey, Borsa Istanbul, which was originally established as the Ottoman Stock Exchange in 1866.
  
  In 1995, keeping up with the financial trends, Borsa Istanbul moved its headquarters (which was originally located on Bankalar Caddesi, the financial center of the Ottoman Empire, and later at the 4th Vakıf Han building in Sirkeci) to İstinye, in the vicinity of Maslak, which hosts the headquarters of numerous Turkish banks.
  
  Since 2023, the Ataşehir district on the Asian side of the city is home to the Istanbul Financial Center (IFC), where the new headquarters of the state-owned Turkish banks, including the Turkish Central Bank, are located. As of 2023, the five tallest skyscrapers in Istanbul and Turkey are the 352 m (1,154 ft 10 in) tall Turkish Central Bank Tower in the Ataşehir district on the Asian side of the city; Metropol Istanbul Tower A (70 floors / 301 metres including its twin spires) also in the Ataşehir district; Skyland Istanbul Towers 1 and 2 (2 x 284 metres) located adjacent to Rams Park in the Huzur neighbourhood of the Sarıyer district on the European side, and Istanbul Sapphire (54 floors / 238 metres; 261 metres including its spire) in Levent on the European side.
  
  13.4 million foreign tourists visited the city in 2018, making Istanbul the world's fifth most-visited city in that year. Istanbul and Antalya are Turkey's two largest international gateways, receiving a quarter of the nation's foreign tourists. Istanbul has more than fifty museums, with the Topkapı Palace, the most visited museum in the city, bringing in more than $30 million in revenue each year.
  
  Istanbul expects 1 million tourists from cruise companies after the renovation of its cruise port, also known as Galataport in Karaköy district.