Economy: Its Definition & Types, and System

By Tara Shwan

An economy is a system of organization and institution that either facilitate or play a role in the production and distribution of goods and services in the society.

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The Economy of Turkey

December 09, 2016

The Economy of Turkey:

The economy of Turkey is defined as an emerging market economy by the IMF. Turkey is among the world's developed countries according to the CIA World Fact book. Turkey is also defined by economists and political scientists as one of the world's newly industrialized countries. 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.

Population: The population of Turkey as of 2016 is 79,897,551 based on latest UN estimates. Its population equivalent to 1.07% of the world's p. and it ranks no 19 in the list of countries by population.

Currency: Turkish lira (Turkish lira symbol 8x10px.png) (TRY)
Trade organizations: G-20 major economies, OECD, EU Customs Union, WTO, ECO, BSEC
GDP: $1.665 trillion (PPP, 2016), $751 billion (Nominal, 2016)
GDP rank: 18th (nominal) / 17th (PPP)
GDP per capita: $21,198 (PPP, 2016), $9,562 (Nominal, 2016)
GDP by sector: Agriculture: 8.1%; industry: 27.7%; services: 64.2% (2015)
Population below poverty line: 16.9% (2010)
Labour force: 29.4 million (2015)

Labour force by occupation:

Agriculture: 25.5%, industry: 26.2%, services: 48.4% (2010)
Unemployment: 9.3% (April 2016)
Main industries: textiles, food processing, autos, electronics, tourism, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Ease-of-doing-business rank: 55th (2015)
Exports: Decrease $153.6 billion (28th) (2015)

Export goods: apparel, foodstuffs, textiles, metal manufactures, transport equipment.

Main export partners:

Germany 9.3%
United Kingdom 7.3%
Iraq 5.9%
Italy 4.8%
United States 4.5%
France 4.1% (2015)
Imports: Decrease $204.3 billion (22nd) (2015)

Import goods: machinery, chemicals, semi-finished goods, fuels Transport equipment.

Main import partners:

China 12%
Germany 10.3%
Russia 9.9%
United States 5.4%
Italy 5.1% (2015)
Revenues: $225 billion (2015), Expenses: $234 billion (2015)

Main data source: CIA World Fact Book.