Turkey is enjoying the longest period of uninterrupted economic growth in its history. Turkey’s GDP is $663 billion, making it the 17th largest economy and the 6th largest in the European economic area. GDP growth has averaged 7.4% per year since 2002. In 2007 GDP growth was lower - 4.5 % and in the first quarter in 2008 – 6.6 %. Turkey's economy is no longer dominated by traditional agricultural activities in the rural areas, but more so by a highly dynamic industrial complex in the major cities, mostly concentrated in the western provinces of the country, along with a developed services sector. Services account for the largest percentage of GDP (62.8 %), while industry accounts 28.3 % and agriculture – 8.9 %.

The tourism sector has experienced rapid growth in the last years, constituting an important part of the economy. In 2007, there were visitors to the country, who contributed 18.5 billion USD to Turkey's revenues.

The national unemployment rate stands at 9.9 percent plus underemployment of 4 %. In recent years, the chronically high inflation has been brought under control and this has led to the launch of a new currency to cement the acquisition of the economic reforms and erase the vestiges of an unstable economy. On January 1, 2005, the old Turkish Lira (TRL) was replaced by the New Turkish Lira (TRY) by dropping off six zeroes. As a result of continuing economic reforms, inflation has dropped to 7.7% in 2005 - a 30-year low - but climbed back to 8.8% in 2007.

Turkey is the member of NATO since 1952. The country also is a candidate for membership into EU, and first applied April 14, 1987, when it was still known as the European Economic Community. Since that time, Turkey has adopted 30 new amendments to its constitution and passed sweeping reforms to meet the EU’s criteria, according to EurActiv.com.

A series of large privatizations, the stability stimulated by the start of Turkey's EU accession negotiations, strong and stable growth, as well as structural changes in the banking, retail, and telecommunications sectors have all contributed to a rise in foreign direct investments (FDI). After years of low FDI, Turkey attracted 21.9 billion USD in FDI in 2007 and it is expected to attract a higher figure in following years.

Despite the strong economic gains from 2002-07, which were largely due to renewed investor interest in emerging markets, IMF backing, and tighter fiscal policy, the economy is still burdened by a high current account deficit and high external debt, according to CIA World Factbook.

It is anticipated Turkey to enter into the EU in 2015. The supposed country’s acceptance into the EU is expected to boost Turkey’s economy and increase FDI in the region.