The IMF classifies the Turkish economy as an emerging market, despite it being largely developed, listing Turkey amongst the newest industrialised nations. The Turkish economy relies heavily on services (64.7%), with agriculture (9.4%) and industry (25.9%) making up the rest. Turkey is one the G-20 major economies, and ranks 18th by nominal GDP, globally.
The Turkish Lira has become increasingly popular in foreign trade transactions over the last 10 years, rising by an estimated 2100% since 2011. Trade has increased from $516 million, to in excess of $11 billion, at the end of 2011. As a sign of its increasing popularity, the Turkish introduced a new symbol to denote its currency; a doubled crossed T-shaped anchor, meaning ‘safe harbour’.