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• GDP: US$482 billion (2007).
• Main exports: Clothing and textiles, manufactured goods, transport equipment and food.
• Main imports: Machinery, appliances and parts, mineral fuels and oil, road vehicles and iron and steel products.
• Main trade partners: Germany, UK, Italy, Russia and China.
• Main exports: Clothing and textiles, manufactured goods, transport equipment and food.
• Main imports: Machinery, appliances and parts, mineral fuels and oil, road vehicles and iron and steel products.
• Main trade partners: Germany, UK, Italy, Russia and China.
Economy
The agricultural sector, previously of great economic importance, now accounts for only 8.9% of the GDP. It remains a major employer however, and Turkey is self-sufficient in basic foodstuffs like maize, sugar, wheat and barley.
Manufacturing and services are the most important and fastest growing sectors, with banking and the construction industry enjoying major growth in recent years. The services sector makes the greatest overall contribution to the country's economy, accounting for 59.3% of Turkey's GDP. The country's tourist industry is also of primary importance: in 2007, over 27 million tourists visited Turkey, raising US$18.5 billion in revenue.
Underlying structural problems coupled with years of mismanagement and world events brought the Turkish economy to its knees in 2001. In the face of this crisis, the government introduced an International Monetary Fund-backed austerity program that succeeded in cutting inflation from 70% to its current level of 6%. Unemployment was at 9.7% in 2007. The economy was expected to grow by 5.4% and despite a major current account deficit, investor confidence is high, with foreign direct investment attracting nearly US$22 billion in 2007.
Manufacturing and services are the most important and fastest growing sectors, with banking and the construction industry enjoying major growth in recent years. The services sector makes the greatest overall contribution to the country's economy, accounting for 59.3% of Turkey's GDP. The country's tourist industry is also of primary importance: in 2007, over 27 million tourists visited Turkey, raising US$18.5 billion in revenue.
Underlying structural problems coupled with years of mismanagement and world events brought the Turkish economy to its knees in 2001. In the face of this crisis, the government introduced an International Monetary Fund-backed austerity program that succeeded in cutting inflation from 70% to its current level of 6%. Unemployment was at 9.7% in 2007. The economy was expected to grow by 5.4% and despite a major current account deficit, investor confidence is high, with foreign direct investment attracting nearly US$22 billion in 2007.
Business Etiquette
A formal suit or jacket and tie should always be worn for business. English is widely spoken in business circles, although an effort by the visitor to speak a little Turkish is appreciated. The majority of people in business value punctuality and business cards are widely used.
Office hours: Mon-Fri 0830-1200 and 1330-1730.
Office hours: Mon-Fri 0830-1200 and 1330-1730.
Conferences & Conventions
Istanbul and Antalya are the most popular venues, followed by Ankara, Marmaris and Bodrum. There are many 4- and 5-star hotels, which provide facilities and can host conferences and meetings to international standards. The Crowne Plaza Istanbul (website: www.ichotelsgroup.com) has conference facilities for up to 1,000 people, as does the Radisson SAS Conference and Airport Hotel (website: www.istanbul.radissonsas.com), which is conveniently close to Atatürk International Airport and the World Trade Centre.
Business Contacts
Union of Chambers and Commodity Exchanges of Turkey
TOBB Atatürk Bulvari, 149 Bakanliklar 06640, Ankara, Turkey
Tel: (312) 413 8000.
Website: www.tobb.org.tr
Istanbul Convention and Exhibition Centre
Harbiye 34267, Istanbul, Turkey
Tel: (212) 373 1100.
Website: www.icec.org
TOBB Atatürk Bulvari, 149 Bakanliklar 06640, Ankara, Turkey
Tel: (312) 413 8000.
Website: www.tobb.org.tr
Istanbul Convention and Exhibition Centre
Harbiye 34267, Istanbul, Turkey
Tel: (212) 373 1100.
Website: www.icec.org
