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Economy of Turkey and business opportunities

Economy of Turkey

The economy of Turkey is defined as an emerging market economy by the IMF. Turkey is among the world's developed countries according to the CIA World Fact book. Turkey is also defined by economists and political scientists as one of the world's newly industrialized countries. Turkey has the world's 18th largest nominal GDP, and 17th largest GDP by PPP. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances.

Sectors

Agricultural sector

As of March 2007, Turkey is the world's largest producer of hazelnuts, cherries, figs, apricots, quinces and pomegranates; the second largest producer of watermelons, cucumbers and chickpeas; the third largest producer of tomatoes, eggplants, green peppers, lentils and pistachios; the fourth largest producer of onions and olives; the fifth largest producer of sugar beet; the sixth largest producer of tobacco, tea and apples; the seventh largest producer of cotton and barley; the eighth largest producer of almonds; the ninth largest producer of wheat, rye and grapefruit, and the tenth largest producer of lemons. Livestock products, including meat, milk, wool, and eggs, contributed to more than 1⁄3 of the value of agricultural output. Fishing is another important part of the economy; in 2005 Turkish fisheries harvested 545,673 tons of fish and aquaculture.

Industrial sector

Consumer electronics and home appliances

Turkey's Vestel is the largest TV producer in Europe, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006.

Textiles and clothing

Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were made to the EU member states.

Motor vehicles and automotive products

In 2008 Turkey produced 1,225,400 motor vehicles, ranking as the 5th largest producer in Europe (behind the United Kingdom and above Italy) and the 12th largest producer in the world.Multiple unit trains, locomotives and wagons

TÜLOMSAŞ (1894), TÜVASAŞ (1951) and EUROTEM (2006) are among the major producers of multiple unit trains, locomotives and wagons in Turkey, including high-speed EMU and DMU models.

Shipbuilding

Turkey is one of the world's leading shipbuilding nations; in 2007 Turkish shipyards ranked 4th in the world (behind China, South Korea and Japan) in terms of the number of ordered ships, and also 4th in the world (behind Italy, USA and Canada) in terms of the number of ordered mega yachts.

Defence industry

Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014. TAI builds various aircraft types and models, such as the F-16 Fighting Falcon for the Turkish Air Force. Turkey has recently launched domestically built new military/intelligence satellites including a 0.8m resolution reconnaissance satellite (Project Göktürk-1) for use by the Turkish Armed Forces and a 2m resolution reconnaissance satellite (ProjectGöktürk-2) for use by the Turkish National Intelligence Organization.

Science and technology

TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey. TÜBA is an autonomous scholarly society acting to promote scientific activities in Turkey. TAEK is the official nuclear energy institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.

Construction and contracting sector

The Turkish construction and contracting industry is one of the leading, most competitive and dynamic construction/contracting industries in the world. In 2009 a total of 33 Turkish construction/contracting companies were selected for the Top International Contractors List prepared by the Engineering News-Record, which made the Turkish construction/contracting industry the world's 2nd largest, ranking behind those of China.

Service sector

Transport

As of 2009, there were 102 airports (90 with paved runways and 12 with unpaved runways) in Turkey. The total length of the rail network was 10,991 km in 2008, ranking 22nd in the world, including 2,133 km of electrified track. As of 2010, the country had a roadway network of 426,951 km, including 2,080 km of expressways and 16,784 km of divided highways.

Communications

As of 2008, there were 24,483,000 internet users in Turkey, which ranked 15th in the world; while as of 2009, there were 2,961,000 internet hosts in the country, which ranked 27th in the world.

Tourism sector

Tourism is one of the most dynamic and fastest developing sectors in Turkey. According to travel agencies TUI AG and Thomas Cook, 11 of the 100 best hotels of the world are located in Turkey. For 2011, the World Tourism Organisation (UNWTO) reported 34,654,000 arrivals and US$25 billion in receipts for Turkey. According to the World Travel & Tourism Council, in 2012 travel and tourism made a total contribution of 10.9% to Turkish GDP and supported 8.3% of all jobs in the country.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Turkey"

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