Turkey is one of the major emerging economies in the world. Turkey is the 15th largest economy in the world on the basis of GDP considering purchasing power parity. On nominal GDP basis, it is the 17th largest economy in the world.
Post independence in 1923, Turkey followed policies that imposed strict control and limitations on private sector, Foriegn Direct Investment(FDI), foriegn trade. Due to these limitations, economic growth was limited and Turkey experienced multiple crisis situations.
In 1980, Turkey ushered in a series of economic reforms that moved Turkey from a statist economy to a market driven economy. Overall Turkey delivered an average of over 4% growth rate since the reforms were introduced.
Turkish growth has been punctuated by multiple economic crisis in 1994, 1999 and 2008 even after the reforms were introduced. This has resulted in large range of growth in GPD terms.
Foriegn investment in Turkey has been witnessing a steady growth. In the decade 1990-2000, it averaged about $1 billion USD per year. This has increased to about $10 billion USD per year in the decade 2000-2010.
Agriculture
Consumer electronics
Turkish brands Beko and Vestel are among the largest producers of consumer electronics in Europe.In 2005, these 2 companies accounted for about half of the TVs produced in Europe.
Shipbuilding
Turkey is the 4th largest producer of ships and mega yachts in the world.
Tourism
Tourism is one of the fastest growing sectors in the economy. Turkey ranks as the 6th most popular tourist destination in the world.
Post independence in 1923, Turkey followed policies that imposed strict control and limitations on private sector, Foriegn Direct Investment(FDI), foriegn trade. Due to these limitations, economic growth was limited and Turkey experienced multiple crisis situations.
In 1980, Turkey ushered in a series of economic reforms that moved Turkey from a statist economy to a market driven economy. Overall Turkey delivered an average of over 4% growth rate since the reforms were introduced.
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| Turkey GDP growth rate in Nominal terms |
Instability in Growth
Turkish growth has been punctuated by multiple economic crisis in 1994, 1999 and 2008 even after the reforms were introduced. This has resulted in large range of growth in GPD terms. |
| GDP growth rate in nominal terms 1990-200 |
 |
| GDP growth rate in nominal terms 2000-2010 |
Foreign Investment
Foriegn investment in Turkey has been witnessing a steady growth. In the decade 1990-2000, it averaged about $1 billion USD per year. This has increased to about $10 billion USD per year in the decade 2000-2010.
Major economic sectors
Agriculture
Turkey is the world's largest
producer of hazelnuts, cherries, figs, apricots, quinces and pomegranates; the
second largest producer of watermelons, cucumbers and chickpeas. Agriculture
accounts for close to 30% employment in Turkey.
Consumer electronics
Turkish brands Beko and Vestel are among the largest producers of consumer electronics in Europe.In 2005, these 2 companies accounted for about half of the TVs produced in Europe.
Shipbuilding
Turkey is the 4th largest producer of ships and mega yachts in the world.
Tourism
Tourism is one of the fastest growing sectors in the economy. Turkey ranks as the 6th most popular tourist destination in the world.
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