The economy of Turkey is highly developed. 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.
• Booming economy (USD 230 billion to USD 736 billion of GDP from 2002 to 2010)
• Sustainable economic growth (4.8 percent annual average real GDP increase for the last 8 years)
• Promising economy with a bright future as it is expected to be the fastest growing economy among the OECD members during 2011-2017 with an annual average real GDP growth rate of 6.7 percent
• 16th largest economy in the world and 6th largest economy compared with the EU in 2010
• Institutionalized economy fueled by over USD 94 billion of FDI in the last 8 years and ranked as the 15th most attractive FDI destination for 2008-2010 (UNCTAD)
Customs Union with EU since 1996
• Customs Union with the EU since 1996, and Free Trade Agreements (FTA) with 20 countries
• More FTAs underway
• Accession negotiations with the EU
• A natural bridge between both East-West and North-South axes, thus creating an efficient and cost effective outlet to major markets
• Easy access to 1.5 billion customers in Europe, Eurasia, the Middle East and North Africa
• Access to multiple markets worth USD 23 trillion of GDP
The CIA classifies Turkey as a developed country. Turkey is often classified as a newly industrialized country by economists and political scientists; while Merrill Lynch, the World Bank and The Economist magazine describe Turkey as an emerging market economy.