Economy

Today's Turkey, modern and open to the world, follows a liberal policy in economy just as in its political structure. The trend towards liberalization goes back to the 1950s, but related action became more prominent in the early 1980s when many radical changes and structural reforms have been made in the field. A free market operating with the rules of demand and supply, free competition, and a liberalized foreign trade were the outcomes of the decisions taken in that period. The fast growing Turkish economy is now further increasing its growth rate, with the ongoing arrangements for the betterment of all sectors it owns and develops. Industry, which has always been considered to be the key sector of the economy, takes the lead in this development process. Especially after the liberalization movements, it showed a remarkable growth, and level of production as this sector reached worldwide standards. Among the several sub-sectors of the Turkish industrial sector, there exist the defence, electronics, iron and steel, automotive, glass and sugar industries. The cement industry plays an important role in the country holding a high-ranking position in world production. The textiles and clothing sub-sector is another advanced branch, and Turkey, as a major cotton producer, increases its exports of textile products every year. Processing of agricultural products, production of agricultural machinery, and the fertilizer industry are to be mentioned here, while they relate to another main sector of the Turkish economy, namely agriculture.

Turkey, as it is evident from its being one of the few countries in the world that is self-sufficient in food, is a main producer of agricultural products. Provided by it's suitable land and climate, this country has a great capacity to grow many kinds of crops. Cotton, rice, wheat, tea, tobacco, fruit and vegetables are but a few. Animal husbandry is carried out as part of the agricultural operations and the share of animal products in total agricultural exports is relatively high.

       

Fishing, which has been a perennial operation in this country of rich water resources, and forestry, as another main production sector, can be included in Turkey's agricultural activities, all of which make significant contributions to the national economy. Apart from these dominating sectors, there are other basic branches offering production of either goods or services. The mining sector is one, with the principal minerals of coal, iron, chrome, copper, bauxite and sulphur being extracted and processed. Energy production, construction and transportation are other important areas, each continuing a steady progress. Last but not least is a considerably large sector of the Turkish economy, tourism. As a country of uniquely beautiful natural assets and vast historical treasures, Turkey constitutes a perfect centre for tourism activities. There exists every kind of opportunity for every type of holidaymaker, due to the richness of the land with respect to its geographical and climatic characteristics granted by nature.

With its enormously diverse natural figures, ranging from high mountains to extensive coasts, from wide green forests to broad lakes, this country possesses great resources in the field of tourism. Consequently, investments in modern and large capacity tourism establishments are being made to put this potential into good use. Hotels, motels and holiday villages of high standards, offer services in all tourism areas with their high quality facilities. The establishment of an infrastructure for the training of qualified tourism personnel constitutes another investment area, and training programs are carried out at the newly established tourism centres serving this purpose and increasing the number of professional personnel. As a result of all these processes, Turkey has achieved the goal of providing the high level services suitable to the needs and wishes of foreign tourists. With the promotion policies being pursued and further arrangements in the sector, tourism will continue to rapidly increase its share in the Turkish economy.

The money used in Turkish Republic is the Lira. As of January 2005, the Turkish government has taken the decision to drop 6 zeros from the Lira, the new lira is called 'Yeni Lira- YTL'. The coins are called the 'kurus'. Euros, British Pounds and US Dollars are very strong currencies towards Turkish Lira, offering foreign citizens a luxurious living at a low cost. Sterling, Euros and US dollars are very commonly used currencies while shopping. You can change money at the banks or at the exchange offices. In addition to Turkish Private banks, there are many international banks such as HSBC, Citibank, and ABN Amro in major cities, with sub-branches or correspondent banks in the districts.