The election was held during an ongoing economic crisis which followed the 2001 financial crash, which resulted in a deep resentment of coalition governments which had governed the country since the 1980 military coup. The Justice and Development Party (AKP) and Republican People's Party (CHP) had massive gains, transitioning from the multi-party parliament under a DSP-MHP-ANAP coalition government elected in 1999 to a two-party system ruled by the AKP and CHP, with no other parties winning any seats in parliament, only nine independents being elected, and the AKP and CHP combined winning 98.36% seats of parliament. The Justice and Development Party (AKP), which had only been formed in August 2001 by Recep Tayyip Erdoğan, won the election with nearly two-thirds of the seats. The protest vote was such that every sitting party previously represented in parliament was ejected, with the AKP winning 363 seats with just 34.3% of the vote. The only other party which passed the 10% threshold to gain representation was the Republican People's Party, which came second with 19.38% of the vote and 178 seats. The election produced Turkey's first single party government since 1987 and the country's first two-party parliament since 1961.