Editing Economy of Turkey (section)

===Service sector===
====Banking and finance====
{{Main|Banking in Turkey}}

[[File:IFM Görsel (cropped).jpg|thumb|400px|The [[Turkish Central Bank]] and other state-owned banks such as [[Ziraat Bank]], [[VakıfBank]] and [[Halkbank]] have their new headquarters at the [[Istanbul Financial Center]] (IFC) in [[Ataşehir]].<ref name="ifm-aa">{{cite web|url=https://www.aa.com.tr/en/economy/istanbul-finance-center-opens-with-inauguration-of-banking-section/2874556|title=Istanbul Finance Center opens with inauguration of banking section|author=Tuba Ongun|publisher=[[Anadolu Agency]]|date=17 April 2023}}</ref><ref name="ifc-bloomberg-image">{{cite web|url=https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNU2UmulMILU/v0/-1x-1.jpg|title=Image of the Istanbul Financial Center|website=bloomberg.com|date=10 May 2023}}</ref><ref name="ifm-1">{{cite web|url=https://ifm.gov.tr/properties|title=Istanbul Financial Center: Properties|website=ifm.gov.tr|access-date=13 May 2023}}</ref>]]

During the 19th and early 20th centuries, [[Bankalar Caddesi]] (Banks Street) in [[Istanbul]] was the financial center of the [[Ottoman Empire]], where the headquarters of the [[Ottoman Bank]] (established as the ''Bank-ı Osmanî'' in 1856, and later reorganized as the ''Bank-ı Osmanî-i Şahane'' in 1863)<ref>{{cite web|url=http://www.obarsiv.com/ob-tarih.html |title=Ottoman Bank Museum: History of the Ottoman Bank |publisher=Obarsiv.com |access-date=2011-08-29 |url-status=dead |archive-url=https://web.archive.org/web/20120614105241/http://www.obarsiv.com/ob-tarih.html |archive-date=2012-06-14 }}</ref> and the Ottoman Stock Exchange (1866) were located.<ref name=OBM>{{cite web|url=http://www.obmuze.com/eng/voyvoda.asp|title=Ottoman Bank Museum|publisher=Ottoman Bank Museum|access-date=2009-06-18|url-status=dead|archive-url=https://web.archive.org/web/20090518102012/http://www.obmuze.com/eng/voyvoda.asp|archive-date=2009-05-18}}</ref> Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the modern [[central business district]]s of [[Levent]] and [[Maslak]].<ref name=OBM/> 

Originally established as the Ottoman Stock Exchange (''Dersaadet Tahvilat Borsası'') in 1866, and reorganized to its current structure at the beginning of 1986, the [[Istanbul Stock Exchange]] (ISE) is the sole [[Capital market|securities market]] of Turkey.<ref>{{cite web|url=http://www.imkb.gov.tr/genel/tarih.htm |title=Istanbul Stock Exchange: History of the Istanbul Stock Exchange |publisher=Imkb.gov.tr |access-date=2011-08-29 |url-status=dead |archive-url=https://web.archive.org/web/20120225094722/http://www.imkb.gov.tr/genel/tarih.htm |archive-date=2012-02-25 }}</ref> In 1995, the Istanbul Stock Exchange moved to its current building in the [[Istinye]] quarter.<ref>{{cite web|url=http://www.imkb.gov.tr/genel/gelismeler.htm |title=Istanbul Stock Exchange: "İMKB'nin Kuruluşundan İtibaren Önemli Gelişmeler" (Timeline of important events since 1985) |publisher=Imkb.gov.tr |access-date=2011-08-29 |url-status=dead |archive-url=https://web.archive.org/web/20120225094814/http://www.imkb.gov.tr/genel/gelismeler.htm |archive-date=2012-02-25 }}</ref> The Istanbul Gold Exchange was also established in 1995.

The [[Central Bank of the Republic of Turkey]] (''Türkiye Cumhuriyet Merkez Bankası'') was founded in 1930 as a privileged joint-stock company. The CBRT possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises.

The "New [[Turkish lira]]" (TRY) was introduced on 1 January 2005.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/4137469.stm |title=Turkey knocks six zeros off lira|publisher=[[BBC]]|access-date=2008-07-20|date=2004-12-31}}</ref> On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of [[Turkish lira#9th Emission group|new banknotes]] and [[Turkish lira#Since 2009|coins]].

Banking came under stress beginning in October 2008, as a result of the [[2008 financial crisis]]. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.<ref>[http://bankrun.us/forums/index.php?topic=10.0 Turkey warns against potential Bank Runs] {{webarchive |url=https://web.archive.org/web/20111005085455/http://bankrun.us/forums/index.php?topic=10.0 |date=5 October 2011 }}</ref> 

[[File:Ankara from bus station.jpg|thumb|right|[[Söğütözü]] business district in [[Ankara]], Turkey's capital and second largest city]] 

Turkey's economy resumed its growth between 2009 and 2013, which was followed by a period of stagnation and recession between 2014 and 2020. Turkey's GDP began to recover and grow again in the period between 2020 and 2024.

In 2020, the total value of assets of the banking sector in Turkey amounted to more than $800 billion.<ref>{{cite web |title=Leading banks in Turkey by total assets, 2020|url=https://www.statista.com/statistics/857299/leading-banks-in-turkey/ |website=Statista |access-date=14 January 2024|language=en}}</ref> As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad.<ref name="banking1">{{cite web |title=Banking System in Turkey |url=https://www.allaboutturkey.com/banks.html |website=www.allaboutturkey.com |access-date=14 January 2024}}</ref> {{as of|2021|October}}, the foreign currency deposits of the citizens and residents in [[List of banks in Turkey|Turkish banks]] stood at $234 billion, equivalent to around half of all deposits.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2021-10-14/the-fate-of-turkey-s-battered-lira-hangs-with-local-investors|title=The Fate of Turkey's Battered Lira Hangs With Local Investors|publisher=Bloomberg|website=bloomberg.com|date=14 October 2021}}</ref><ref>{{cite web|url=https://www.aljazeera.com/economy/2021/10/14/turkish-lira-falls-out-of-favour-with-local-investors-again|title=Turkish lira falls out of favour with local investors again|publisher=Al Jazeera|website=aljazeera.com|date=14 October 2021}}</ref> {{as of|2024|October}}, the foreign currency reserves of the [[Central Bank of the Republic of Turkey|Turkish Central Bank]] were $85 billion, its gold reserves were $67.4 billion, while its official reserve assets stood at $159.8 billion.<ref>{{cite web|url=https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Statistics/Balance+of+Payments+and+Related+Statistics/International+Reserves+and+Foreign+Currency+Liquidity/|title=International Reserves and Foreign Currency Liquidity - October 2024|publisher=Central Bank of the Republic of Turkey|website=tcmb.gov.tr|access-date=5 December 2024}}</ref>

====Transport====
{{Main|Transport in Turkey}}

[[File:Turkish Airlines 1350321.jpg|thumb|[[Turkish Airlines]], [[flag carrier]] of Turkey, has been selected by [[Skytrax]] as [[Europe]]'s best airline for five years in a row (2011–2015).<ref name=TurkishAirlinesSkytrax>{{cite web|url=http://www.worldairlineawards.com/Awards_2012/europe.htm |title=Turkish Airlines is named the Best Airline in Europe at the 2012 World Airline Awards held at Farnborough Air Show |publisher=[[Skytrax]] |date=12 July 2012 |access-date=25 April 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130425042957/http://www.worldairlineawards.com/awards_2012/europe.htm |archive-date=25 April 2013 }}</ref><ref name="five">{{cite web|url=http://www.hurriyetdailynews.com/turkish-airlines-named-best-airline-in-europe-for-fifth-year-in-a-row.aspx?PageID=238&NID=84117&NewsCatID=345|title=Turkish Airlines named best airline in Europe for fifth year in a row – BUSINESS|date=17 June 2015 }}</ref> With destinations in 129 countries worldwide, Turkish Airlines is the [[Largest airlines in the world#Countries served|largest carrier in the world by number of countries served]] {{As of|2024|lc=y}}.<ref name="Turkish Airlines">{{cite web|title=Turkish Airlines: International Flight Destinations|url=http://www.turkishairlines.com/en-int/flights-tickets/flights-destinations/|url-status=dead|archive-url=https://web.archive.org/web/20160519093619/http://www.turkishairlines.com/en-int/flights-tickets/flights-destinations|archive-date=19 May 2016|access-date=22 June 2016|publisher=Turkish Airlines}}</ref>]]

[[File:İstanbul_Havalimanı_Airport_2019_24.jpg|thumb|[[Istanbul Airport]] is the main international airport serving Istanbul, Turkey. It is a major hub in the world.]]

In 2013 there were ninety-eight [[List of airports in Turkey|airports in Turkey]],<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/turkey/|archive-url=https://web.archive.org/web/20210110073821/https://www.cia.gov/the-world-factbook/countries/turkey|url-status=dead|archive-date=10 January 2021|title=CIA World Factbook: Turkey|access-date=2014-11-17}}</ref> including 22 [[international airport]]s.<ref>{{cite web|url=http://www.studyinturkey.org/en/discover-turkey/first-step-to-turkey/international-airports/ |archive-url=https://web.archive.org/web/20131225064653/http://www.studyinturkey.org/en/discover-turkey/first-step-to-turkey/international-airports/ |url-status=dead |archive-date=2013-12-25 |title=Study in Turkey: International Airports in Turkey |access-date=2014-11-17 }}</ref> {{As of|2015}}, [[Istanbul Atatürk Airport]] is the [[World's busiest airports by passenger traffic|11th busiest airport in the world]], serving 31,833,324 passengers between January and July 2014, according to [[Airports Council International]].<ref>{{cite web |url=http://www.aci.aero/Data-Centre/Monthly-Traffic-Data/Passenger-Summary/Year-to-date |title=Year to date Passenger Traffic |publisher=ACI |date=2014-09-25 |access-date=2014-09-25 |archive-date=13 August 2018 |archive-url=https://web.archive.org/web/20180813170044/http://www.aci.aero/Data-Centre/Monthly-Traffic-Data/Passenger-Summary/Year-to-date |url-status=dead }}</ref> The [[Istanbul Airport|new (third) international airport of Istanbul]] is planned to be the largest airport in the world, with a capacity to serve 150 million passengers per annum.<ref name="dhmi">{{cite web|url=http://www.dhmi.gov.tr/haberler.aspx?HaberID=1451|title=It will be the biggest airport of the world|date=2013-01-24|access-date=2013-01-24|archive-url=https://web.archive.org/web/20130129004331/http://www.dhmi.gov.tr/haberler.aspx?HaberID=1451|archive-date=2013-01-29|url-status=dead}}</ref><ref>{{cite web|url=http://www.newsweek.com/istanbuls-new-erdogan-backed-airport-be-named-after-erdogan-264580|title=Istanbul's New Erdoğan-Backed Airport to Be Named After... Erdoğan|website=[[Newsweek]]|date=14 August 2014}}</ref><ref>{{cite web|url=http://www.ibtimes.co.uk/erdogan-airport-istanbuls-super-hub-be-named-after-turkeys-president-elect-1461166|title=Erdogan Airport: Istanbul's Super Hub 'to be Named After Turkey's President-Elect'|author=Gianluca Mezzofiore|work=International Business Times UK|date=14 August 2014}}</ref>

[[File:1915 Çanakkale Bridge 20220327.jpg|thumb|right|The [[1915 Çanakkale Bridge]] on the [[Dardanelles]] strait, connecting Europe and Asia, is the [[List of longest suspension bridge spans#Completed suspension bridges|longest suspension bridge in the world]].<ref name="B1M-website">{{cite web|url=https://www.theb1m.com/video/turkey-has-built-the-worlds-longest-suspension-bridge|title=Turkey Has Built the World's Longest Suspension Bridge|publisher=The B1M|author=Tim Gibson|date=11 May 2022}}</ref><ref>{{cite web|url=https://www.youtube.com/watch?v=BzrdNIsGVc0|title=Why Turkey Built the World's Longest Suspension Bridge|date=11 May 2022 |publisher=The B1M|access-date=22 May 2022}}</ref><ref name="hdn">{{cite news |url=http://www.hurriyetdailynews.com/groundbreaking-ceremony-for-bridge-over-dardanelles-to-take-place-on-march-18.aspx?pageID=238&nID=110948&NewsCatID=345 |newspaper=[[Hürriyet Daily News]] |title=Groundbreaking ceremony for bridge over Dardanelles to take place on March 18 |date=2017-03-17 |access-date=22 May 2022}}</ref>]]

The state-owned utility [[Turkish State Railways]] operates the 12,740–km railway network, [[List of countries by rail transport network size|23rd longest in the world]]. Since 2003, [[Turkish State Railways]] has also been investing in [[High-speed rail in Turkey|high-speed rail]] lines, which at 2,175&nbsp;km (1,353&nbsp;mi) ranked ninth longest in the world.<ref name="diction">{{cite book |last1=Heper |first1=Metin |title=Historical Dictionary of Turkey |date=2018}}</ref>

[[File:YHT train at Ankara railway station.jpg|thumb|A [[TCDD HT80000]] [[High-speed rail in Turkey|high-speed train]] of the [[Turkish State Railways]] at the [[Ankara Tren Garı|ATG terminal]] in [[Ankara]]]]

As of 2010, the country had a roadway network of 426,951&nbsp;km, including 2,080&nbsp;km of [[Limited-access road|expressways]] and 16,784&nbsp;km of [[divided highways]].<ref>{{cite web|url=http://www.kgm.gov.tr/Sayfalar/KGM/SiteTr/Kurumsal/YolAgi.aspx|title=Karayolları Genel Müdürlüğü|work=kgm.gov.tr|access-date=10 December 2011|archive-date=9 November 2016|archive-url=https://web.archive.org/web/20161109030650/http://www.kgm.gov.tr/Sayfalar/KGM/SiteTr/Kurumsal/YolAgi.aspx|url-status=dead}}</ref>

As of 2010, the Turkish [[merchant marine]] included 1,199 ships (604 registered at home), ranking 7th in the world.<ref name=CIAFactbookTurkey/> Turkey's coastline has 1,200&nbsp;km of navigable waterways.<ref name=CIAFactbookTurkey/>

In 2008, {{convert|7555|km}} of [[natural gas]] pipelines and {{convert|3636|km}} of [[petroleum]] pipelines spanned the country's territory.<ref name=CIAFactbookTurkey/>

{{wide image|File:The First Bosphorus Bridge (1973) in Istanbul.jpg|640px|align-cap=center|The [[Bosphorus Bridge]] (1973) is the oldest of the three suspension bridges and two undersea tunnels which span the [[Bosporus|Bosphorus]] strait and connect [[Istanbul]]'s European and Asian sides.}}

====Communications====
{{Main|Communications in Turkey}}

As of 2008, there were 17,502,000 operational [[landline|landline telephones]] in Turkey, which ranked 18th in the world;<ref name=CIAFactbookTurkey>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/turkey/ |archive-url=https://web.archive.org/web/20210110073821/https://www.cia.gov/the-world-factbook/countries/turkey |url-status=dead |archive-date=10 January 2021 |title=CIA World Factbook: Turkey |publisher=Cia.gov |access-date=2011-08-29}}</ref> while there were 65,824,000 registered [[mobile phone]]s in the country, which ranked 15th in the world during the same year.<ref name=CIAFactbookTurkey/> The largest landline telephone operator is [[Türk Telekom]], which also owns [[TTNET]], the largest [[internet service provider]] in Turkey.{{Cn|date=September 2023|reason=Need independent reliable source}} The largest mobile phone operators in the country are [[Turkcell]], [[Vodafone Turkey]], [[Avea]] and [[TTNET|TTNET Mobil]].{{Cn|date=September 2023|reason=Need independent reliable source}}

The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing.{{Cn|date=September 2023|reason=Need independent reliable source}} Private sector companies operate in mobile telephony, long-distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers;{{Cn|date=September 2023|reason=Need independent reliable source}} the construction of a network of technologically advanced intercity trunk lines, using both [[Optical fiber|fiber-optic cable]] and digital microwave radio relay, is facilitating communication between urban centres.<ref name=CIAFactbookTurkey/>

The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.<ref name=CIAFactbookTurkey/>

The main line international telephone service is provided by the [[SEA-ME-WE 3]] submarine communications cable and by [[fiber-optic communication|submarine fiber-optic cables]] in the [[Mediterranean Sea]] and [[Black Sea]] that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia.<ref name=CIAFactbookTurkey/> In 2002, there were 12 [[Intelsat]] satellite earth stations; and 328 mobile satellite terminals in the [[Inmarsat]] and [[Eutelsat]] systems.<ref name=CIAFactbookTurkey/>

[[Türksat (company)|Türksat A.Ş.]] is the primary [[communications satellite]] operator of Turkey, controlling the [[Turksat (satellite)|Turksat series of satellites]]. [[Göktürk-1]], [[Göktürk-2]] and [[Göktürk-3]] are Turkey's [[earth observation satellite]]s for [[reconnaissance]], operated by the [[Ministry of National Defense (Turkey)|Turkish Ministry of National Defense]]. [[BILSAT-1]] and [[RASAT]] are the scientific observation satellites operated by the [[TÜBİTAK Space Technologies Research Institute]], which (together with [[Turkish Aerospace Industries]] and [[Aselsan]]) also takes part in the production of Turkey's satellites.{{Cn|date=September 2023|reason=Need independent reliable source}}

As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.<ref name=CIAFactbookTurkey/>{{Needs update|date=May 2024|reason=This data is almost a quarter century old.}}

As of 2015, there were 42,275,017 [[internet user]]s in Turkey, which ranked 15th in the world;<ref name=CIAFactbookTurkey/> while as of 2012, there were 7,093,000 [[internet host]]s in the country, which ranked 16th in the world.<ref name=CIAFactbookTurkey/>

====Tourism====
{{Main|Tourism in Turkey}}In 2023, Turkey was the [[World Tourism rankings|fifth most visited destination in the world]], with 55.2 million foreign tourists visiting the country.<ref name="UNWTO-2023">{{Cite web |title=Tourism on Track for Full Recovery as New Data Shows Strong Start to 2023 |url=https://www.unwto.org/news/tourism-on-track-for-full-recovery-as-new-data-shows-strong-start-to-2023 |access-date=14 October 2023 |website=www.unwto.org |language=en}}</ref><ref>{{Cite web |title=Global and regional tourism performance |url=https://www.unwto.org/tourism-data/global-and-regional-tourism-performance |access-date=2024-02-02 |website=www.unwto.org}}</ref> In 2019, Turkey [[World Tourism rankings#Most visited destinations by international tourist arrivals|ranked sixth in the world]] in terms of the number of international tourist arrivals, with 51.2 million foreign visitors.<ref name="WTO Tourism Highlights 2019 Edition">{{Cite book|title=UNWTO Tourism Highlights: 2019 Edition {{!}} World Tourism Organization|year=2019|doi=10.18111/9789284421152|isbn=978-92-844-2115-2|s2cid=240665765}}</ref> 

Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean countries such as [[Greece]], [[Italy]] and [[Spain]]. Resorts in provinces such as [[Antalya province|Antalya]] and [[Muğla province|Muğla]] (which are located on the [[Turkish Riviera]]) have become very popular among tourists.<ref>{{cite web|url=https://www.bbc.com/travel/article/20241203-a-turkish-film-and-tv-stars-guide-to-antalya-turkey|title=A Turkish film and TV star's guide to Antalya, Turkey|author=Eva Sandoval|publisher=[[BBC]]|website=bbc.com|date=4 December 2024}}</ref>

==== Medical tourism ====
{{Main|Health care in Turkey}}
[[File:BaşakşehirCityHospital_(1).jpg|thumb|[[Başakşehir Çam and Sakura City Hospital]] in [[Istanbul]]]]

There are numerous private hospitals in Turkey, which has benefited from medical tourism in recent years. Health tourism generated revenues worth $1 billion in 2019 for Turkey's economy.<ref name="sabah-health"/> A total of 662,087 patients were treated at Turkish hospitals in 2019 within the scope of health tourism, with around 60% of the income being obtained from plastic surgeries.<ref name="sabah-health">{{cite news|url=https://www.dailysabah.com/business/tourism/health-tourism-earns-above-1b-to-turkey-in-2019-under-spotlight-with-covid-19|access-date=2021-04-08 |title=Health tourism earns above $1B to Turkey in 2019, under spotlight with COVID-19|date=2020-08-20|work=[[Daily Sabah]] |publisher=Daily Sabah}}</ref>