Turkey is currently the 17th biggest economy in terms of its total GDP. Turkey is the EU’s seventh biggest trading partner and its 13th source of imports. EU countries take over 50 per cent of Turkey’s exports and provide almost 50 per cent of imports. Although manufacturing overtook agriculture in the 1980s as the major contributor to GDP, agriculture continues to play an important role in the Turkish economy, especially in employment.
The reduction in inflation in Turkey has been a major success in the past few years. The annual average rate of inflation declined from around 80 per cent in the 1990s to around 10.9 percent. Also, Turkey has Free Trade Agreements with Albania, Bosnia Herzegovina, Croatia, EFTA member countries (Switzerland, Norway, Iceland and Liechtenstein), Egypt, Georgia, Israel, Macedonia, Montenegro, Morocco, Palestine, Serbia, Syria, Tunisia.