Turkey's economy is mostly a free-market economy that is driven by its industry, service and agriculture sectors. Its estimated gross domestic product GDP purchasing power as of 2013 is 1.167 trillion.Continue Reading
Traditional markets of Turkey's industrial sectors include textiles, food processing, automobiles, electronics, mining, steel, petroleum, lumber and paper. Agricultural products in Turkey include tobacco, cotton, grain, olives, sugar beets, hazel nuts, pulses, citrus and livestock. Service industries vary and mostly include banking, transport and communications. The service industry accounts for most of Turkey's industrial sector at over 63 percent. A rise of middle-class entrepreneurs was noted in 2012, helping to expand production of goods besides those in traditional sectors.
Turkey's economy experienced a recession in 2001, but in 2010, it rebounded to prerecession levels, which is mainly accredited to Turkey's strongly regulated financial and banking systems. In addition, Turkey's economy was aided by the opening of the Baku-Tbilisi-Ceyhan crude-oil pipeline, which began flowing through Turkey in May of 2006. The pipeline is also helping to lessen Turkey's high dependence on imported oil. Turkey's gross domestic savings is above average as of 2015, ranking number 80 out of 153 countries recorded in this regard with an average savings of just under 20 percent of what it earns.Learn more about Economics