Turkey’s GDP in 2007 was estimated at $667.7 billion dollars, with a GDP growth rate of approximately 5.1%. The economy is split primarily between modern industries such a textiles, food processing, steel, petroleum and electronics and agriculture. An impressive 35.9% of the GDP is derived from the agriculture industry, which includes such products as tobacco, cotton, grain, beets, citrus, livestock and olives. The remaining GDP is split between the industry and service sectors (22.8% and 41.2% respectively). Despite obvious geographic advantages, Turkey faces 9.7% unemployment rate with many citizens seeking job opportunities abroad.
Turkey’s economy has also faced new difficulties with the United State’s presence in Iraq. After refusing to allow American troops to pass through Turkey to invade Iraq in 2003, the US pulled $30,000 million in aid. Following two devasting earthquakes in 1999, the effect of lost profits and aid was staggering. However, the tourism industry is quickly developing to become one of Turkey’s bright economic spots. With 11 of the top 100 hotels in the world, tourism contributed over $18 billion in 2005 to the country.
