Economy & Business
GDP: US$361.5 billion (2005).
Main exports: Clothing and textiles, manufactured goods, electrical machinery and fruit and vegetables.
Main imports: Machinery, appliances and parts, mineral fuels and oil, road vehicles, iron and steel products and plastics.
Main trade partners:
Exports to: Germany, UK and USA;
Imports from: Germany, Russia and Italy.
Main exports: Clothing and textiles, manufactured goods, electrical machinery and fruit and vegetables.
Main imports: Machinery, appliances and parts, mineral fuels and oil, road vehicles, iron and steel products and plastics.
Main trade partners:
Exports to: Germany, UK and USA;
Imports from: Germany, Russia and Italy.
During the past two decades, Turkey has undergone a fundamental economic transformation. Combined with an outward oriented trade policy, the Turkish economy has been pursuing a progressive growth in most sectors. In spite of certain difficulties, the Turkish economy has become more flexible to external and domestic instability. Two such difficulties were the two economic crises in November 2000 and February 2001 that caused crucial transformation of the economy. Public sector's net debt-to-GNP ratio nearly doubled within a year and the economy experienced its most serious contraction since the World War II. Economic activity declined and unemployment increased significantly.
As a result of these changes, a new economic reform program was undertaken in April 2001, focusing primarily on the financial markets and the banking sector. The general strategy of the program consists of three measures: reforming the banking sector, ensuring stability in the money and foreign exchange markets and providing a sustainable growth environment in macro-economic balances. Gradually, Turkey starts to recover from this trauma and to prepare for a future accession in the EU.
Turkey has a large agricultural sector and is self-sufficient in basic foodstuffs including maize, sugar, wheat and barley. Cotton, tobacco, fruit, vegetables and nuts are grown for both domestic consumption and export. Agriculture still accounts for around 12% of total economic output. Manufacturing and services are the most important and fastest growing sectors, with the textiles and clothing industries alone employing 35% of the workforce. Electronic goods and appliances are also important, with the banking, financial services and construction industries enjoying major growth. The country's tourist industry is of primary importance to the economy; in 2005, 24 million tourists visited Turkey, raising US$18 billion.
As a result of these changes, a new economic reform program was undertaken in April 2001, focusing primarily on the financial markets and the banking sector. The general strategy of the program consists of three measures: reforming the banking sector, ensuring stability in the money and foreign exchange markets and providing a sustainable growth environment in macro-economic balances. Gradually, Turkey starts to recover from this trauma and to prepare for a future accession in the EU.
Turkey has a large agricultural sector and is self-sufficient in basic foodstuffs including maize, sugar, wheat and barley. Cotton, tobacco, fruit, vegetables and nuts are grown for both domestic consumption and export. Agriculture still accounts for around 12% of total economic output. Manufacturing and services are the most important and fastest growing sectors, with the textiles and clothing industries alone employing 35% of the workforce. Electronic goods and appliances are also important, with the banking, financial services and construction industries enjoying major growth. The country's tourist industry is of primary importance to the economy; in 2005, 24 million tourists visited Turkey, raising US$18 billion.
