Currency | Turkish lira (TRY, ₺) |
---|---|
Calendar year[1] | |
Trade organisations | G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS and others |
Country group |
|
Statistics | |
Population | 85,372,377 (2024)[5] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
71.60% (2024)[7] | |
Population below poverty line | |
45.3 high (2022)[10] | |
34 out of 100 points (2023; 115th rank) | |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | 35,650₺ / 1,115$ / 1,020€ (per month, 2024)[15] |
27,550₺ / 860$ / 790€ (per month, 2024)[16] | |
Main industries | |
External | |
Exports | $255.8 billion (2023)[17] |
Export goods | |
Main export partners |
|
Imports | $361.8 billion (2023)[19] |
Import goods | |
Main import partners |
|
FDI stock | |
−1.74% of GDP (2021)[21] | |
Gross external debt | $476 billion (2023) (24th)[22] |
Public finances | |
29.5% of GDP (2024)[5] | |
−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] |
$147 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]
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