The country’s forest areas occupy 21.7million ha (approximately 27.6 percent of its total surfacearea), and are inhabited by close to 10 percent of its totalpopulation. The forest sector generates a variety of timberand non-timber products and eco-services. The Turkishgovernment has put great effort into reforestation andforest management, increasing the total area of forests. Intheir tenth national development plan (2014-2018), theTurkish Government has decided to take a series of actions,including quantifying the value of natural resources andtheir ecosystem services and taking them into account inmaking and implementing policy decisions. In response to thegovernment’s request for technical assistance in valuingnatural resources, the World Bank assisted the DirectorateGeneral of Forestry (DGF) under the Turkish Ministry ofForestry and Water Affairs (MoFWA) in conducting a pilotstudy in the Bolu forest area to identify and quantify theforest products and services used by humans and assess thepossibility to expand and scale up forest valuation. Thepurpose of this report is to summarize the study’s findingsand discuss its policy implications and next steps. Thereport contains six chapters, chapter one givesintroduction. Chapter two provides an overview of the forestsector in Turkey, from physical conditions to institutionalaspects. Chapter three presents the justification andapplication of forest valuation and accounting, while thevaluation methods for forest products and services areintroduced in chapter four. Chapter five discusses thefindings and results of the Bolu pilot study. The policyimplications, areas for improvement, and recommendations forscaling up are discussed in chapter six.