Global InformationEconomy of Turkey information
 Levent business district in Istanbul | |
| Currency | Turkish lira (TRY, ₺) |
|---|---|
Fiscal year | Calendar year[1] |
Trade organisations | G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS and others |
Country group |
|
| Statistics | |
| Population |  85,279,553 (2023)[5] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) |  75.45% (2024)[7] |
Population below poverty line |
|
Gini coefficient |  42.6 medium (2021)[10] |
Human Development Index |
|
Corruption Perceptions Index |  34 out of 100 points (2023; 115th rank) |
Labour force |
|
Labour force by occupation |
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| Unemployment |
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Average gross salary | 19,000₺ / 578$ / 538€ (per month, 2024)[15] |
Average net salary | 11,440₺ / 347 $ / 323€ (per month, 2024)[16] |
Main industries |
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| External | |
| Exports | $255.8 billion (2023)[17] |
Export goods |
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Main export partners |
|
| Imports | $361.8 billion (2023)[19] |
Import goods |
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Main import partners |
|
FDI stock |
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Current account | −1.74% of GDP (2021)[21] |
Gross external debt | $476 billion (2023) (24th)[22] |
| Public finances | |
Government debt | 34.4% of GDP (2023)[5] |
Budget balance | −5.4% (of GDP) (2023) [23] |
| Revenues | $210.5 billion (2020 est.)[1] |
| Expenses | $249.2 billion (2020 est.)[1] |
| Economic aid | donor: $8.399 billion, 0.79% of GNI (2018)[24][25] |
Credit rating |
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Foreign reserves | $134 billion (2024) (22nd)[30] |
All values, unless otherwise stated, are in US dollars. | |
| Economy of Turkey |
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 Turkey portal |
Turkey is a founding member of the OECD and G20. The country's economy ranked as the 18th-largest in the world and 8th-largest in Europe by nominal GDP in 2023. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2023. According to the IMF, as of 2022, Turkey had an upper-middle income, mixed-market, emerging economy.[33] Turkey has often been defined as a newly industrialized country since the turn of the 21st century.[34][35][36] The country is the fifth most visited destination in the world,[37] and has over 1,500 R&D centres established both by multinational and national firms.[38] Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. Among OECD nations, Turkey has a highly efficient and strong social security system; social expenditure stood at roughly 12.5% of GDP.[39][40][41]
Over the past 20 years, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000.[42] A period of strong economic growth between 2002 and 2013 (except for 2009)[43] was followed by a slowdown in growth in terms of USD-based nominal GDP figures between 2014 and 2020,[43] especially during the 2018 Turkish currency and debt crisis, although the growth sustained in these years as well in terms of nominal GDP.[43] Furthermore, there has been a steady recovery and a faster pace in growth in Turkey's GDP figures since 2021,[43] which have reached their all-time highest values by the end of 2023.[43][44] Growth-focused financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics[45][46]) have led to high inflation in recent years.[47]
- ^ a b c d e f "Turkey (Turkiye)". CIA.gov. Central Intelligence Agency. Retrieved 10 August 2023.
- ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Retrieved 24 May 2020.
- ^ N. Gregory Mankiw (2007). Principles of Economics (4th ed.). Cengage Learning. ISBN 978-0-324-22472-6.
- ^ "Turkey-Turkiye". The World Factbook (2024 ed.). Central Intelligence Agency.
- ^ a b c d e f g "World Economic Outlook Database". IMF.org. International Monetary Fund. April 2024.
- ^ "Annual Gross Domestic Product, 2022". Turkstat. 31 August 2023.
- ^ "Consumer Prices". TCMB. Retrieved 22 December 2022.
- ^ "Poverty and Living Conditions Statistics, 2022". Turkstat. 8 May 2023.
- ^ "Persons at risk of poverty or social exclusion by age and sex". ec.europa.eu. Eurostat. Retrieved 10 September 2023.
- ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 14 July 2023.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 27 November 2022.
- ^ Nations, United. "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 27 November 2022.
- ^ a b c d "İşgücü İstatistikleri, Ekim 2023" [Labor Statistics, October 2023]. tuik.gov.tr. Turkish Statistical Institute. Retrieved 1 January 2024.
- ^ "Labour Force Statistics, Quarter III: July-September, 2023". Turkstat. 17 November 2023.
- ^ "Home".
- ^ "Home".
- ^ "Presidency of the Republic of Turkey : "Our exports in 2023 have broken the Republican era record"".
- ^ "Turkey (TUR) Exports, Imports, and Trade Partners | OEC". Archived from the original on 1 November 2020. Retrieved 15 October 2020.
- ^ a b c "Foreign Trade Statistics, December 2023". Turkish Statistical Institute. Retrieved 31 January 2024.
- ^ "Imports Products of Turkey". CIA World Factbook. Archived from the original on 5 October 2018. Retrieved 25 April 2013.
- ^ "Maxinomics". maxinomics.com. Maxinomics. Retrieved 9 November 2022.
- ^ "External Debt | Economic Indicators | CEIC".
- ^ "Public Finance". Ministry of Treasury and Finance. Retrieved 21 January 2024.
- ^ "Turkish Emergency Humanitarian Assistance". mfa.gov.tr. 2018. Retrieved 11 October 2023.
- ^ "Turkey ranks second in the world for humanitarian aid, named most generous donor". Daily Sabah. 15 August 2017. Retrieved 21 June 2017.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 3 May 2024.
- ^ "Turkiye, Government of". Moody's. Retrieved 16 October 2023.
- ^ "Turkiye". Fitch. Retrieved 16 October 2023.
- ^ "Scope affirms Türkiye's long-term foreign-currency ratings at B- and revises Outlooks to Positive". Scope Ratings. 26 April 2024. Retrieved 28 April 2024.
- ^ "Info" (PDF). tcmb.gov.tr.
- ^ "Chronology of Turkey-EU relations". Turkish Secretariat of European Union Affairs. Archived from the original on 15 May 2007. Retrieved 30 October 2006.
- ^ "Interview with European Commission President Jose Manuel Barroso on BBC Sunday AM" (PDF). European Commission. 15 October 2006. Archived (PDF) from the original on 21 November 2006. Retrieved 17 December 2006.
- ^ "IMF WEO Database of April 2022 – Emerging and Developing – Europe". International Monetary Fund. Retrieved 6 May 2022.
- ^ Mauro F. Guillén (2003). "Multinationals, Ideology, and Organized Labor". The Limits of Convergence. Princeton University Press. pp. 126 (Table 5.1). ISBN 0-691-11633-4.
- ^ David Waugh (2000). "Manufacturing industries (chapter 19), World development (chapter 22)". Geography, An Integrated Approach (3rd ed.). Nelson Thornes Ltd. pp. 563, 576–579, 633, and 640. ISBN 0-17-444706-X.
- ^ N. Gregory Mankiw (2007). Principles of Economics (4th ed.). Cengage Learning. ISBN 978-0-324-22472-6.
- ^ "Tourism on Track for Full Recovery as New Data Shows Strong Start to 2023". www.unwto.org. Retrieved 14 October 2023.
- ^ Ekin İnal; Mert Müstecaplıoğlu (29 March 2021). "Turkey has extended R&D and design centers incentive program". Norton Rose Fulbright. Retrieved 14 October 2023.
- ^ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
- ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
- ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
- ^ "Overview". World Bank. Retrieved 4 April 2021.
- ^ a b c d e "Turkey, 2002-2024". IMF World Economic Outlook Database, October 2023.
- ^ "GDP, current prices: Billions of U.S. dollars". International Monetary Fund.
- ^ "Erdoganomics is spreading across the world". The Economist. 6 July 2023.
- ^ Sinan Tavsan (5 June 2023). "Turkey's new cabinet hints at less unorthodox Erdoganomics". asia.nikkei.com.
- ^ "Annual inflation in Turkey reaches record 25-year high of 85.5%". euronews.com. Euronews. 3 November 2022.