Economy of Turkey

Currency:
In recent years, the chronically high inflation of Turkey has been brought under control and this has led to the launch of a new currency, the Turkish new lira, on January 1, 2005, to cement the acquisition of the economic reforms and erase the vestiges of an unstable economy (1 Turkish lira is equal to 0.655810 U.S. dollars). On January 1, 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 has dropped to 8.2% in 2005, and the unemployment rate to 10.3%. In 2004, it was estimated that 46.2% of total disposable income was received by the top 20% income earners, while the lowest 20% received 6%.

Agriculture (Major Imports & Exports):
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. In recent years, Turkey had a rapidly growing private sector, yet the state still plays a major role in industry, banking, transport, and communications. Like many economies, Turkey has been affected by the financial crisis of 2007–2010. Turkey's main agricultural products include hazelnuts, tea, tobacco, sugar beets, dates, and livestock. The country's natural resources are coal, chromium, iron, ore, sulfur, copper, and mercury. Because of coal and cigarette smoking, this has caused Turkey to have air pollution. Fortunately, because of large grasslands, sheep and goats are the main livestock and can graze on the grass. Also, the grasslands are good for growing crops like; hazelnuts, tea, tobacco, sugar beets, and even cotton, which is grown mainly on the Cilician Plain and is the most important industrial crop. Yet, most of the cultivated land is used to grow grain. The most important grain crop is wheat. Irrigation is necessary for this because there is little rain.

Exports:

* Apparel
* Foodstuffs
* Textiles
* Metal manufactures
* Transportation equipment

Imports:

* Machinery
* Chemicals
* Semi-finished goods
* Fuels
* Transportation equipment