The GDP in Turkey was growing about 7.4% a year, which made the country one of the fastest growing economies in the world, but in 2008 it drop to 5.4%. Today the deficit is growing at an alarming rate. The nation has moved from an agricultural to industrial based economy and that is now fueling GDP growth. Tourism also plays a part in the nation’s economy.
Over 30 million tourist visit each year and they add over $21.9 billion to the country’s revenue chest. Turkey is a top shipbuilding nation and is 6th in car manufacturing worldwide.
Turkey has been plagued with high inflation, but it seems to be under control, thanks to stern economic measures enforced by the government. The government introduced the New Turkish Lira in 2009. Economic reforms have reduced inflation, as well as the unemployment rate, which is now running a little over 10%.