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Economy of Turkey

Economy of Turkey
Istanbul is the largest city in Europe[a] and the chief financial and economical center of Turkey.
CurrencyTurkish lira (TRY, ₺)
Calendar year[2]
Trade organisations
G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS and others
Country group
Statistics
PopulationIncrease 85,664,944[7]
GDP
GDP rank
GDP growth
  • 5.1% (2023)
  • 3.2% (2024)
  • 2.7% (2025)[8]
GDP per capita
  • Increase $16,709 (nominal; 2025)[8]
  • Increase $42,451 (PPP; 2025)[8]
GDP per capita rank
GDP by sector
Positive decrease 37.8% (2025)[10]
Population below poverty line
  • Positive decrease 14.4% at 50% of the median equivalised income (2022)[11]
  • Positive decrease 30.7% at risk of poverty or social exclusion (AROPE 2023)[12]
Negative increase 44.8 medium (2024)[13]
Decrease 34 out of 100 points (2023; 115th rank)
Labour force
  • Increase 34,796,000 (2023)[16]
  • about 3.2 million Turks work abroad[2]
  • Increase 57.3% employment rate (2023)[17]
Labour force by occupation
Unemployment
  • Positive decrease 8.5% (2023)[16]
  • Positive decrease 16.3% youth unemployment rate (15 to 24 year-olds; October 2023)[16]
Average gross salary
₺47,346 / €1,092 (per month, 2024)[19][20]
₺33,913 / €782 (per month, 2024)[21][22]
Main industries
External
ExportsIncrease $261.9 billion[b] (2024)[23]
Export goods
Main export partners
ImportsPositive decrease $344.1 billion[b] (2024)[26]
Import goods
Main import partners
FDI stock
  • Increase $180.3 billion (31 December 2017 est.)[2]
  • Increase Abroad: $47.44 billion (31 December 2017 est.)[2]
Positive decrease −1.74% of GDP (2021)[28]
Negative increase $500 billion (2024) (28th)[29]
Public finances
Positive decrease 29.5% of GDP (2024)[8]
Increase $173.2 billion (2025) (22nd)[30]
Decrease −5.4% (of GDP) (2023) [31]
Revenues$234.9 billion (2022 est.)[2]
Expenses$269.1 billion (2022 est.)[2]
Economic aiddonor: $8.399 billion, 0.79% of GNI (2018)[32][33]
  • Fitch:[36]
  • BB-
  • Outlook: Positive
    (September 2024)
  • Scope:[37]
  • BB-
  • Outlook: Stable (December 2024)
All values, unless otherwise stated, are in US dollars.
Economy of Turkey
Emblem of Turkey
Economic history
Money
Stock exchange
Major projects
Related topics
flag Turkey portal
After becoming one of the early members of the Council of Europe in 1950, Turkey became an associate member of the EEC in 1963, joined the EU Customs Union in 1995 and started full membership negotiations with the European Union in 2005.[38][39]

The economy of Turkey is an emerging free-market economy.[40] It ranked as the 16th-largest in the world and 7th-largest in Europe by nominal GDP in 2025.[8] It also ranked as the 12th-largest in the world and 5th-largest in Europe by PPP in 2025.[8] Turkey's rapid economic growth since the 2000s was stranded by the economic crisis in 2018, but it began to recover in 2021.[8][41] Turkey's USD-based nominal GDP per capita and GDP-PPP per capita have eventually reached their all-time peak values in 2024.[8][41][42]

Turkey is a founding member of the OECD and G20. Ratified in 1995, the European Union–Turkey Customs Union has established a free trade area between Turkey and the European Union, which has increased bilateral foreign trade, investment and economic activity.[43]

As the fifth most visited destination in the world,[44] Turkey has a large tourism industry, which accounted for 12% of the country's total GDP in 2023.[45] First established in 2000, many technoparks were pioneered by Turkish universities, now hosting over 1,600 R&D centers that drew investment by both domestic and international corporations.[46] Turkey is also among the world's leading producers of motor vehicles, consumer electronics, home appliances and defense products. In 2021, the country was ranked eighth in the world in the technology rankings of the Economic Complexity Index.[47]

In the first quarter of the 21st century, 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.[48] A period of strong economic growth between 2002 and 2013 (except for 2009 due to the 2008 financial crisis)[49] was followed by a period of stagnation and recession in terms of USD-based nominal GDP figures between 2014 and 2020,[49] especially during the 2018 Turkish currency and debt crisis; even though Turkey's USD-based GDP-PPP and TL-based nominal GDP have continued to grow in this period.[49] Since 2021, there has been a steady recovery and rapid growth in Turkey's USD-based nominal GDP and GDP-PPP figures,[8][41] which have reached their all-time highest values in both 2023 and 2024.[8][41]

Growth-focused and populistic financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics[50][51]) have led to one of the world's highest inflation rates since 2018.[52] Following the Turkish parliamentary and presidential elections on May 14 and 28, 2023, and the appointment of Mehmet Şimşek as the Minister of Treasury and Finance on June 4, 2023, Turkey has adopted a more orthodox monetary policy regarding interest rates and has succeeded in gradually decreasing inflation from 85.5% in late 2022 to 42.1% in early 2025.[52][10]

  1. ^ a b c "The Results of Address Based Population Registration System, 2023". Turkish Statistical Institute. 6 February 2024. Retrieved 6 February 2024.
  2. ^ a b c d e f "Turkey (Turkiye)". CIA.gov. Central Intelligence Agency. Retrieved 10 August 2023.
  3. ^ "World Economic Outlook Database Groups and Aggregates Information April 2024". IMF.org. International Monetary Fund.
  4. ^ N. Gregory Mankiw (2007). Principles of Economics (4th ed.). Cengage Learning. ISBN 978-0-324-22472-6.
  5. ^ "Turkey-Turkiye". The World Factbook (2025 ed.). Central Intelligence Agency.
  6. ^ Black, John; Hashimzade, Nigar; Myles, Gareth (2009). "industrial countries". A Dictionary of Economics. Oxford University Press. doi:10.1093/acref/9780199237043.001.0001. ISBN 978-0-19-923704-3.
  7. ^ "The Results of Address Based Population Registration System, 2024". www.tuik.gov.tr. Turkish Statistical Institute. 6 February 2024. Archived from the original on 6 February 2024. Retrieved 6 February 2024.
  8. ^ a b c d e f g h i j k l "World Economic Outlook Database, April 2025 Edition. (Türkiye)". www.imf.org. International Monetary Fund. 22 April 2025. Retrieved 22 April 2025.
  9. ^ "Annual Gross Domestic Product, 2022". Turkstat. 31 August 2023.
  10. ^ a b "Consumer Prices". TCMB. Retrieved 1 March 2025.
  11. ^ "Poverty and Living Conditions Statistics, 2022". Turkstat. 8 May 2023.
  12. ^ "Persons at risk of poverty or social exclusion by age and sex". ec.europa.eu. Eurostat.
  13. ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu. Eurostat.
  14. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 27 November 2022.
  15. ^ Nations, United. "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 27 November 2022.
  16. ^ a b c "İşgücü İstatistikleri, Ekim 2023" [Labor Statistics, October 2023]. tuik.gov.tr. Turkish Statistical Institute. Retrieved 1 January 2024.
  17. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  18. ^ "Labour Force Statistics, Quarter III: July-September, 2023". Turkstat. 17 November 2023.
  19. ^ Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.
  20. ^ Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.
  21. ^ Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.
  22. ^ Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.
  23. ^ "Exports in 2024".
  24. ^ "Turkey (TUR) Exports, Imports, and Trade Partners | OEC". Archived from the original on 1 November 2020. Retrieved 15 October 2020.
  25. ^ a b "Monthly Foreign Trade Statistics Tables - December2024". Turkish Statistical Institute. Retrieved 31 January 2025.
  26. ^ "Exports in 2024".
  27. ^ "Imports Products of Turkey". CIA World Factbook. Archived from the original on 5 October 2018. Retrieved 25 April 2013.
  28. ^ "Maxinomics". maxinomics.com. Maxinomics. Retrieved 9 November 2022.
  29. ^ "External Debt | Economic Indicators | CEIC".
  30. ^ "Info" (PDF). tcmb.gov.tr.
  31. ^ "Public Finance". Ministry of Treasury and Finance. Retrieved 21 January 2024.
  32. ^ "Turkish Emergency Humanitarian Assistance". mfa.gov.tr. 2018. Retrieved 11 October 2023.
  33. ^ "Turkey ranks second in the world for humanitarian aid, named most generous donor". Daily Sabah. 15 August 2017. Retrieved 21 June 2017.
  34. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 3 May 2024.
  35. ^ "Turkiye, Government of". Moody's. Retrieved 16 October 2023.
  36. ^ "Turkiye". Fitch. Retrieved 16 October 2023.
  37. ^ "Scope upgrades Türkiye's long-term ratings to BB- and revises the Outlooks to Stable". Scope Ratings. 6 December 2024. Retrieved 8 December 2024.
  38. ^ "Chronology of Turkey-EU relations". Turkish Secretariat of European Union Affairs. Archived from the original on 15 May 2007. Retrieved 30 October 2006.
  39. ^ "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.
  40. ^ "Political and economic situation". eurydice.eacea.ec.europa.eu. Retrieved 5 January 2025.
  41. ^ a b c d "GDP, current prices: Billions of U.S. dollars". International Monetary Fund.
  42. ^ Tekingunduz, Alican. "Türkiye's GDP projected to hit $1.3T by end of 2024 — Vice President Yilmaz". Türkiye's GDP projected to hit $1.3T by end of 2024 — Vice President Yilmaz. Retrieved 5 January 2025.
  43. ^ "Turkey : Customs Unions and preferential arrangements - European Commission". taxation-customs.ec.europa.eu. Retrieved 5 January 2025.
  44. ^ "Tourism on Track for Full Recovery as New Data Shows Strong Start to 2023". www.unwto.org. Retrieved 14 October 2023.
  45. ^ "Türkiye's Travel & Tourism Sector Reached Record-Breaking New Heights Last Year". wttc.org. Retrieved 5 January 2025.
  46. ^ "Amadeus R&D Center Inaugurated in Istanbul". www.invest.gov.tr. 5 August 2024. Retrieved 5 January 2025.
  47. ^ "ECI Rankings (HS96)". The Observatory of Economic Complexity. Retrieved 5 January 2025.
  48. ^ "Overview". World Bank. Retrieved 4 April 2021.
  49. ^ a b c "Turkey, 2002-2024". IMF World Economic Outlook Database, October 2023.
  50. ^ "Erdoganomics is spreading across the world". The Economist. 6 July 2023.
  51. ^ Sinan Tavsan (5 June 2023). "Turkey's new cabinet hints at less unorthodox Erdoganomics". asia.nikkei.com.
  52. ^ a b "Annual inflation in Turkey reaches record 25-year high of 85.5%". euronews.com. Euronews. 3 November 2022.


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