As of 2015, the economy of Turkey is defined as an emerging market economy, states the International Monetary Fund. Turkey is also referred to as a newly industrialized country and a developed country.
Turkey has a largely free-market economy that is boosted by the service and industry sectors, according to the CIA World Factbook. About 25 percent of the employed population still works in the traditional agricultural sector. Turkey is a world leader in the textiles, agricultural products and ship equipment industries. Rising industries include construction, electronics and automotive. In terms of per capita GDP, Turkey is classified as an upper-middle income country by the World Bank.