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Currency | Turkish lira (TRY, ₺) |
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Trade organisations | G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS and others |
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Population | ![]() |
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Labour force | |
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Unemployment | |
Average gross salary | 35,650₺ / 1,115$ / 1,020€ (per month, 2024)[15] |
27,550₺ / 860$ / 790€ (per month, 2024)[16] | |
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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] |
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All values, unless otherwise stated, are in US dollars. |
Economy of Turkey |
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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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