According to the Republic of Turkey Central Bank data, Turkey increased the Gross National Product (GNP) to 857 billion dollars in 2016 and compared to 2002 it increased its GNP three times more; therefore, it exhibits a balanced progression with an annual growth rate of 5.6 percent. Turkey with its GDP growth rate by an average of 5.4 is expected to be one of the fastest growing economies among the members of the Organization for Economic Cooperation and Development (OECD). According to the International Monetary Fund (IMF) data in 2016, Turkey is the world’s 17th largest economy, and when it is compared to the EU member states, it is notable as the 6th largest economy. Sectors such as agriculture, automotive, mining, information and communication technologies, real estate, electronics, tourism, textile and logistics are seen as the driving force of the country’s economy.
Turkey’s Economy and the European Union
The most important one of the reasons why Turkey has a stable trend in economy is the negotiations on full membership Turkey carry out with European (EU). Turkey, as a result of the relationship that has developed over the years with the EU, have implemented both structural and financial policies for full membership; during this period, it has become a self-sufficient, transparent and balanced growing country. This rate has increased Turkey’s confidence in the eyes of investors.
Investment Opportunities for Foreign Investors in Turkey
Foreign investments and tourism industry are also important factors that affect the stability of the country’s economy. Young population, educated workforce and tax incentives are positive qualities that attracted foreign investors to Turkey in 2016; and it has provided 12.3 billion dollars of investment (Source: Central Bank of Turkish Republic). This, as well as the natural beauty, history and the hospitable local people of the country is the reason that Turkey attracts so many tourists by making Turkey one of the world’s most tourist attracting places as 38 million tourists visited Turkey in 2017 (Association of Turkish Travel Agencies – TÜRSAB).