Turkey

Turkey Economy

Economy Overview.

Turkey has a dynamic economy that is a complex mix of modern industry and commerce along with traditional village agriculture and crafts. It has a strong andrapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. Its most important industry—and largest exporter—is textiles andclothing, which is almost entirely in private hands. The economic situation in recent years has been marked by rapid growth coupled with partial success in implementing structural reform measures.

Theeconomy of Turkey is largely developed. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; constructionmaterials; consumer electronics and home appliances. In recent years, Turkey had a rapidly growing private sector, yet the state still plays a major role in industry, banking, transport, and communications.Macro-economic trends
Turkey has the world's 15th largest GDP-PPP and 17th largest Nominal GDP. The country is a founding member of the OECD (1961) and the G-20 major economies (1999). SinceDecember 31, 1995, Turkey is also a part of the EU Customs Union.
The CIA classifies Turkey as a developed country. Turkey is often classified as a newly industrialized country by economists andpolitical scientists; while Merrill Lynch, the World Bank and The Economist magazine describe Turkey as an emerging market economy.
The World Bank classifies Turkey as an upper-middle income country in termsof the country's per capita GDP in 2007. According to a survey by Forbes magazine, Istanbul, Turkey's financial capital, had a total of 28 billionaires as of March 2010 (down from 35 in 2008),ranking 4th in the world behind Moscow (50 billionaires), New York City (60 billionaires) and London (32 billionaires).

Main Economic Sectors

Agricultural Sector

Turkey is the world's largest...