Turkey’s economy is a mix of modern industry and commerce, along with the traditional agriculture sector. Turkey has a robust and ever-developing private sector, and the state is a major contributor to industry, banking, transport and communication. Due to the global economic slowdown, Turkey’s GDP fell to an annual rate of 0.9% in 2008 and declined further by 5.8% in 2009. Inflation fell to 5.8% in 2009 and the nation’s economy was burdened by high external debt. The FDI values stood more than $180 billion at the end of 2009. Since Turkey is a member of the EU, the FDI in the country is likely to see an increase going forward.
The GDP (PPP) stood at $861.6 billion in 2009, declining from its 2008 and 2007 levels when it was $914.7 billion and $906.5 billion, respectively. Turkey’s GDP (Official Exchange Rate) was worth $593.5 billion in 2009, while the GDP growth rate fell by 5.8% in the same period. The GDP per capita was $11,200 in 2009, which fell from its 2008 levels when the GDP per capita was $12,100. The agriculture, industry and services sectors contributed 9.4%, 25.9% and 64.7%, respectively, to Turkey’s GDP in 2009.
Turkey had a labor force of 24.2 million in 2009, with approximately 1.2 million working in various overseas economies. The unemployment rate was 14.6% in 2009, up from 10.97% in 2008.