Turkish economy – The main sectors of the economy in Turkey
Turkey is one of the modern industrialized countries in the world. It is also among the producing countries in the field of agriculture, textiles, cars, transportation equipment, building materials and others. Therefore, in this article from Ebla Real Estate, we will talk about the strength of the Turkish economy and the main sectors of the Turkish economy that made it among the developed countries.
An introduction about the Turkish economy:
The Turkish economy is distinguished by its general competitive ground in various economic sectors. Moreover, the Turkish economy is a vibrant economy that has been the subject of trust among the international parties interested in the economic aspect, and among the investors in general. The rank of the Turkish economy globally continues to improve. Thanks to the firm steps that Turkey has taken regarding the development and growth.
The main sectors of the economy in Turkey:
Agriculture:
Agriculture became one of the most important sectors of the Turkish economy. That provided not only food security, but also a significant amount of revenues from exports. Turkey has geographical conditions suitable for agriculture. It also has a strategic location and favorable climate in addition to abundance of water resources. Thus, Turkey is a pioneer in the agricultural field.
It is one of the largest producers of hazelnuts in the world. It is also the second in the production and export of honey. Further, there are many agricultural activities in the country that contribute to supporting the Turkish economy by 30%, including cotton, tea, tobacco, olives, grapes, raisins, dried apricots, citrus fruits, and vegetables.
In addition, Turkey is also one of the leading countries in the production of milk and dairy products. It aims to be among the top five agricultural producing countries for the year 2023.
Industry:
Industry in Turkey is one of the most important sectors of the national economy. Moreover, industry contributes significantly to the economic boom in Turkey. Many industries in Turkey play an important role in supporting the Turkish economy, the most important of which are textiles of all kinds especially clothing and carpets, food, electrical appliances, the cotton and tobacco industry, the automobile industry especially electric cars, the manufacture of trains and ships, the manufacture of home furniture and plastic products, the manufacture of weapons Military and defense, iron and steel industry
Tourism:
Tourism in Turkey plays a major and essential role in stimulating the Turkish economy. Millions of visitors come to Turkey annually. Tourism in Turkey depends largely on the historical sites and coastal resorts on the Sea of Marmara, the Mediterranean and the Black Sea, which have become destinations for tourists from all over the world.
Moreover, Turkey is among the well-known medical destinations as it has hospitals offering high-quality patient care. Moreover, medical expertise, qualitative private healthcare infrastructure, easily accessible, convenient location have made Turkey one of the top destinations for medical tourism with more than 30 million tourists annually.
Thus, with Turkey’s favorable location, existing potential, mega projects, and ambitious targets set for 2023, the tourism sector continues to grow at a rate that outstrips its bed capacity.
Trade and Investment:
Turkey has become a preferred destination for foreign investors. Due to its strategic and economic importance, as well as being one of the most livable countries. Moreover, Turkey is one of the largest sources of foreign direct investment in Central and Eastern Europe, especially in the natural resources and construction sector.
Real estate investment in Turkey is also witnessing an increasing growth, especially after the new amendments to the real estate ownership law for foreigners, as the Turkish law has allowed many nationalities to own real estate in Turkey.
The growth of the real estate sector means an increase in profits that ultimately flow into the Turkish state treasury. Moreover, the boom of the real estate sector means increasing income rates and thus increasing spending and consumption rates and the development of the economic movement in the country.
Natural Resources:
Turkey has a lot of natural resources that contribute to economic growth. The most important of which is gold, which is extracted from many places. The largest gold mine in the country is the Kışladağ mine, which is located in Uşak Province
Moreover, Turkey has many copper mines scattered throughout the country. The Çayeli mine in Rize Province is one of the largest mines in Turkey. Çayeli represents one of the largest copper mines in Turkey having reserves estimated at 20 million tons of ore grading 2.5% copper.
Furthermore, Turkey contains approximately 83 million tons of iron ore reserves, especially in Anatolia, Erzincan, Malatya, and Sivas. One of the largest iron ore reserves in Turkey is the Avnik mine, which has an estimated reserve of 105 million tons of ore grading 42% iron, and contains 44 million tons of iron metal.
In addition, lignite is one of Turkey’s local energy sources, with a proven reserve of 15.6 billion tons.
Thus, in this article from Ebla Real Estate, we talked about the most important sectors of the Turkish economy.
Edited by: Ebla Group Real Estate
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