section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Turkey is an upper-middle -income country and an emerging market. A founding member of the OECD and G20, it is the 18th-largest economy by nominal and the 11th-largest economy by PPP -adjusted GDP in the world. It is classified among newly industrialized countries. Services account for the majority of GDP, whereas industry accounts for more than 30%. Agriculture contributes about 7%. According to IMF estimates, Turkey's GDP per capita by PPP is $42,064 in 2023, while its nominal GDP per capita is $12,849. Foreign direct investment in Turkey peaked at $22.05 billion in 2007 and dropped to $13.09 billion in 2022. Potential growth is weakened by long-lasting structural and macro obstacles, such as slow rates of productivity growth and high inflation.
  
  Turkey has a diversified economy; main industries include automobiles, electronics, textiles, construction, steel, mining, and food processing. It is a major agricultural producer. Turkey ranks 8th in crude steel production, and 13th in motor vehicle production, ship building (by tonnage), and annual industrial robot installation in the world. Turkish automative companies include TEMSA, Otokar, BMC and Togg. Togg is the first all-electric vehicle company of Turkey. Arçelik, Vestel, and Beko are major manufacturers of consumer electronics. Arçelik is one of the largest producers of household goods in the world. In 2022, Turkey ranked second in the world in terms of the number of international contractors in the top 250 list. It is also the fifth largest in the world in terms of textile exports. Turkish Airlines is one of the largest airlines in the world.
  
  Between 2007 and 2021, the share of population below the PPP-$6.85 per day international poverty threshold declined from 20% to 7.6%. In 2023, 13.9% of the population was below the national at-risk-of-poverty rate. In 2021, 34% of the population were at risk of poverty or social exclusion, using Eurostat definition. Unemployment in Turkey was 10.4% in 2022. In 2021, it was estimated that 47% of total disposable income was received by the top 20% of income earners, while the lowest 20% received only 6%.
  
  Tourism accounts for about 8% of Turkey's GDP. In 2022, Turkey ranked fifth in the world in the number of international tourist arrivals with 50.5 million foreign tourists. Turkey has 21 UNESCO World Heritage Sites and 84 World Heritage Sites in tentative list. Turkey is home to 519 Blue Flag beaches, third most in the world. According to Euromonitor International report, Istanbul is the most visited city in the world, with more than 20.2 million foreign visitors in 2023. Antalya has surpassed Paris and New York to become the fourth most visited city in the world, with more than 16.5 million foreign visitors.