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 Factbook. 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 15th 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.

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. Turkey has been self-sufficient in food production since the 1980s. In the year 1989, the total production of wheat was 16.2 million tonnes, and barley 3.44 million tonnes. The agricultural output has been growing at a respectable rate. However, since the 1980s, agriculture has been in a state of decline in terms of its share in the total economy.

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. By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe. Another Turkish electronics brand, Profilo-Telra, was Europe's third largest TV producer in 2005. EU market share of Turkish companies in consumer electronics has increased significantly following the Customs Union agreement signed between the EU and Turkey: in color TVs from 5% in 1995 to more than 50% in 2005, in digital devices from 3% to 15%, and in white goods from 3% to 18%.

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.

Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers.
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.

The automotive industry is an important part of the economy since the late 1960s. The companies that operate in the sector are mainly located in the Marmara Region. With a cluster of car-makers and parts suppliers, the Turkish automotive sector has become an integral part of the global network of production bases, exporting over $22.94 billion worth of motor vehicles and components in 2008.

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.

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.

SOM cruise missile developed by TÜBİTAK SAGE and Roketsan for the Turkish Air Force
Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014. MKEK, TAI, Aselsan, Roketsan, FNSS, Nurol Makina, Otokar, and Havelsan are major manufacturers. On July 11, 2002, Turkey became a Level 3 partner of the F-35 Joint Strike Fighter (JSF) development program. 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 (Project Göktürk-2) for use by the Turkish National Intelligence Organization. Other important products include the Altay main battle tank, A400M, TAI TFX, TF-2000 class AAW frigate, Milgem class corvette, TAI Anka UAV, Aselsan İzci UGV, T-155 Fırtına self-propelled howitzer, J-600T missile, T-129 attack helicopter, Roketsan UMTAS anti-tank missile, Roketsan Cirit laser-guided rocket, Panter Howitzer, ACV-300, Otokar Cobra and Akrep, BMC - Kirpi, FNSS Pars 6x6 and 8x8 APC, Nurol Ejder 6x6 APC, TOROS artillery rocket system, Bayraktar Mini UAV, ASELPOD, and SOM cruise missile.

Turkey is the tenth ranked producer of minerals in the world in terms of diversity. Around 60 different minerals are currently produced in Turkey. The richest mineral deposits in the country are boron salts, Turkey’s reserves amount to 72% of the world's total. According to the CIA World Factbook, other natural resources include coal, iron ore, copper, chromium, uranium, antimony, mercury, gold, barite, borate, celestine (strontium), emery, feldspar, limestone, magnesite, marble, perlite, pumice, pyrites (sulfur), clay, arable land, hydropower, and geothermal power.

With the establishment of the Turkish Environment Ministry on August 9, 1991 (which later merged with the Ministry of Forestry on May 1, 2003, and became the Ministry of Environment and Forestry, and which later detached from Ministry of Forestry and merged with Ministry of Development and Housing on June 6, 2011, and became Ministry of Environment and Urban Planning began to make significant progress addressing some of its most pressing environmental problems. The most dramatic improvements were significant reductions of air pollution in Istanbul and Ankara. The most pressing needs are for water treatment plants, waste water treatment facilities, solid waste management and conservation of biodiversity.

The country's wealth is mainly concentrated in the northwest and west, while the east and southeast suffer from poverty, lower economic production and higher levels of unemployment. However, in line with the continuous economic growth in Turkey during the recent decade, parts of Anatolia began reaching a higher economic standard. These cities are known as the Anatolian Tigers.