Capital City: Ankara
	It is %T:%M %A in Ankara, Istanbul, Izmir

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Economic trends

Turkey is a large, middle-income country with its economy currently going through a transition from a high degree of reliance on agriculture and heavy industry to a more diverse and more modern economy with an increasingly important and global services sector. After going through severe economic crises in 2001 Turkey's economy has now recovered, thanks to good monetary & fiscal policies and structural reforms made with the support of the IMF and the World Bank. The GDP growth rate was 9.6% in 2006 and 8.2% in 2007. However, 2008 forecast is less optimistic. According to IMF, the GDP growth is forecast to slow to nearly 4.6% in 2008. The unemployment remains hight and affects more than 10% of the active population.

Main branches of industry

Agriculture is generously subsidised in Turkey. This sector contributes 12% to the GDP and employs 29% of the population. Wheat is the main crop. The country is the third largest exporter of tobacco in the world. Mineral resources are numerous, but less exploited. The manufacturing industry accounts for more than 20% of the GDP. The textile and automobile sectors are the major manufacturing activities. Other sectors having high growth potential are tourism infrastructure, building products, chemical, and electronics. The Turkish Government gives special priority to large infrastructure projects, especially in the transport sector - most of them operating under the BOT (build-operate-transfer) model. Tourism represents 4% of the GDP with nearly 13 million tourists visiting the country every year. The services sector (including tourism) contributes nearly 65% to the GDP.

International trade

Turkey is open to international trade. The share of foreign trade in country's GDP is nearly 60%. Turkey is a member of the World Trade Organization (WTO). It has signed free trade agreements with the European Free Trade Association (EFTA), Israel, and many other countries. It is also negotiating its membership with the EU. Turkey's top three export partners are: Germany, the United Kingdom and Italy. The commodities mainly exported are vehicles, apparel & clothing, electric & electronic equipment, machinery and iron & steel. Turkey's top three import partners are: Germany, Russia and Italy. It mainly imports mineral fuels & oils, machinery, vehicles, electric & electronic equipment and metals.