on the euro and increasing investors' risk aversion to emerging-market currencies across the board. On 13 Aug., South Africa's rand slumped nearly 10%, the biggest daily drop since June 2016. Lira crisis spotlighted deeper concerns about the Turkish economy that have long signaled turmoil long ago. By the end of 2018, Turkey went into recession. The Turkish Statistical Institute claimed that the Turkish economy declined by 2.4% in the last quarter of 2018 as compared to the previous quarter. This followed a 1.6% drop the previous quarter. Lira shrank down to 30% against the US dollar in 2018. In May 2019, European Bank for Reconstruction and Development (EBRD) released an economic outlook in which it is reported that Turkey's economy will probably see a gradual recovery of growth to around 2.5 percent in 2020. According to official data in December 2022, Turkey's annual inflation rate rose to a 24-year high of 85.51% in October. This was slightly below expectations after the central bank cut interest rates despite rising prices. Inflation has surged since the lira collapsed last year after the central bank began cutting rates in an easing cycle long sought by President Tayyip Erdogan. Data The following table shows the main economic indicators from 1980 to 2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green. Main economic sectors Agricultural sector Industrial sector Consumer electronics and home appliances Turkey's Vestel is the largest TV producer in Europe, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006. By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe. Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005. EU market share of Turkish companies in consumer electronics has increased significantly following the Customs Union agreement signed between the EU and Turkey: in color TVs from 5% in 1995 to more than 50% in 2005, in digital devices from 3% to 15%, and in white goods from 3% to 18%. Textiles and clothing Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were exported to EU member states. Vakko, Beymen, Yargıcı, Mavi Jeans, Ipekyol, Les Benjamins, Colin's, Nocturne, LC Waikiki, Derimod, DESA and Koton are some of the biggest fashion brands in Turkey. Motor vehicles