Turkey is a good choice for investing abroad since its economy is growing steadily and the inflation rate is at single digits. The European Customs Union Agreement and accession negotiations with the EU are attracting foreign investment to this rapidly growing and dynamic market. The Turkish economy is one of the fastest growing economies in the world with a growth percentage of over seven in recent years.
Turkey's dynamic economy is an industry and traditional economy where agriculture sector that in 2005 still accounted for 35% of employment. Turkey has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communications. In recent years, the Turkish economy has expanded particularly strongly, registering growth rates of 8.9% and 7.4% for the 2004 and 2005 fiscal years respectively.
The most important and the largest exporting industry is the textile industry, which is almost entirely in private hands. This sector faces stiff competition in international markets with the end of the global quota system. In recent years, the economic situation has been marked by erratic economic growth and serious imbalances.
The GDP growth has exceeded 6% in many years, but this strong expansion has been interrupted by sharp declines in output in 1994, 1999 and 2001. After 2001, however, Turkey took significant steps towards a more stable economic environment. Turkey offers a very competitive cost of living. This is one of the main driving factors for tourists and those looking to re-locate. Money still goes much further in the warmer Turkish environment.
