Economy of Turkey

2008, and in 2009 the Turkish economy was affected by the global financial crisis, with a recession of 5%. The economy was estimated to have returned to 8% growth in 2010.

In the early years of this century the chronically high inflation was brought under control and this led to the launch of a new currency, the Turkish new lira, on 1 January 2005, to cement the acquisition of the economic reforms and erase the vestiges of an unstable economy. On 1 January 2009, the new Turkish lira was renamed once again as the Turkish lira, with the introduction of new banknotes and coins. As a result of continuing economic reforms, inflation dropped to 8% in 2005, and the unemployment rate to 10%.

Tourism in Turkey has experienced rapid growth in the last twenty years, and constitutes an important part of the economy. In 2008 there were 31 million visitors to the country, who contributed $22 billion to Turkey's revenues. Other key sectors of the Turkish economy are banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, mining, iron and steel, machine industry and automotive. Turkey has a large and growing automotive industry, which produced 1,147,110 motor vehicles in 2008, ranking as the 6th largest producer in Europe (behind the United Kingdom and above Italy) and the 15th largest producer in the world. Turkey is also one of the leading shipbuilding nations; in 2007 the country 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.

Turkey's economy is becoming more dependent on industry in major cities, mostly concentrated in the western provinces of the country, and less on agriculture. However, traditional agriculture is still a major pillar of the Turkish economy. In 2010, the agricultural sector accounted for 9% of GDP, while the industrial sector