• GDP: US$361.5 billion (2005).
• Main exports: Clothing and textiles, manufactured goods, electrical machinery and fruit and vegetables.
• Main imports: Machinery, appliances and parts, mineral fuels and oil, road vehicles, iron and steel products and plastics.
• Main trade partners: Exports to: Germany, UK and USA; Imports from: Germany, Russia and Italy.

Turkey has a large agricultural sector and is self-sufficient in basic foodstuffs including maize, sugar, wheat and barley. Cotton, tobacco, fruit, vegetables and nuts are grown for both domestic consumption and export. Agriculture still accounts for around 12% of total economic output and is a major employer, especially of women in the workforce, 60% of whom work on the land.

Manufacturing and services are the most important and fastest growing sectors, with the textiles and clothing industries alone employing 35% of the workforce. Electronic goods and appliances are also important, with the banking, financial services and construction industries enjoying major growth. The country’s tourist industry is of primary importance to the economy; in 2005, 24 million tourists visited Turkey, raising US$18 billion. 

Underlying structural problems coupled with years of mismanagement and world events brought the Turkish economy to its knees in 2001. The value of the Turkish lira plummeted 40% and inflation rocketed overnight as investors fled the market. Thousands of workers were made redundant as businesses folded and the economy contracted by 7%. In the face of this crisis, the government introduced an IMF-backed austerity program, which included cutting subsides, public sector wages and privatising loss-making state industries. The banking sector was also reformed. 

These measures have succeeded in cutting inflation from 70% to its current level, below 10%. The economy was expected to grow by over 6% in 2006 and despite a major current account deficit, investor confidence is high, with foreign direct investment forecast to double in 2007 to US$20 billion.

A formal suit or jacket and tie should always be worn for business. English is widely spoken in business circles, although an effort by the visitor to speak a little Turkish is appreciated. The majority of people in business value punctuality and business cards are widely used.

Office hours: Mon-Fri 0830-1200 and 1330-1730.

Union of Chambers and Commodity Exchanges of Turkey
TOBB Atatürk Bulvari, 149 Bakanliklar 06640, Ankara, Turkey
Tel: (0312) 413 8000.
Website: www.tobb.org.tr

Istanbul Convention and Exhibition Centre
Harbiye 80230, Istanbul, Turkey
Tel: (0212) 296 3055.
Website: www.icec.org

Istanbul and Antalya are the most popular venues, followed by Ankara, Marmaris and Bodrum. There are many 4- and 5-star hotels, which provide facilities and can host conferences and meetings to international standards. The Crowne Plaza Istanbul has a conference centre with facilities for up to 1,000 people.