Economy of Turkey

Economy of Türkiye
Istanbul is the largest city in Europe[a][b] 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 85,372,377[6]
GDP
GDP rank
GDP growth
  • +5.1% (2023)
  • +3.0% (2024f) [7]
GDP per capita
  • Increase $15,666 (nominal; 2024)[7]
  • Increase $40,283 (PPP; 2024)[7]
GDP per capita rank
GDP by sector
Positive decrease 48,58% (Annual, October 2024)[9]
Population below poverty line
  • Positive decrease 14.4% at 50% of the median equivalised income (2022)[10]
  • Positive decrease 30.7% at risk of poverty or social exclusion (AROPE 2023)[11]
Positive decrease 44.2 medium inequality (2023)[12]
Decrease 34 out of 100 points (2023; 115th rank)
Labour force
  • Increase 34,796,000 (2023)[15]
  • about 3.2 million Turks work abroad[2]
  • Increase 57.3% employment rate (2023)[16]
Labour force by occupation
Unemployment
  • Positive decrease 8.5% (2023)[15]
  • Positive decrease 16.3% youth unemployment rate (15 to 24 year-olds; October 2023)[15]
Average gross salary
35,650₺ / 1,115$ / 1,020€ (per month, 2024)[18]
27,550₺ / 860$ / 790€ (per month, 2024)[18]
Main industries
External
ExportsIncrease $255.8 billion (2023)[19]
Export goods
Main export partners
ImportsPositive decrease $361.8 billion (2023)[21]
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)[23]
Negative increase $500 billion (2024) (24th)[24]
Public finances
Positive decrease 29.5% of GDP (2024)[7]
Decrease −5.4% (of GDP) (2023) [25]
Revenues$210.5 billion (2020 est.)[2]
Expenses$249.2 billion (2020 est.)[2]
Economic aiddonor: $8.399 billion, 0.79% of GNI (2018)[26][27]
  • Fitch:[30]
  • BB-
  • Outlook:Positive (September 2024)
  • Scope:[31]
  • B
  • Outlook: Positive (June 2024)
Increase $154. billion (2024) (22nd)[32]
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.[33][34]
Turkey is a founding member of the OECD (1961) and G20 (1999).

Turkey is a founding member of the OECD and G20. The country's economy ranked as the 17th-largest in the world and 7th-largest in Europe by nominal GDP in 2024. It also ranked as the 12th-largest in the world and 5th-largest in Europe by PPP in 2024. Turkey is a developing,[3] upper-middle income, mixed economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century.[35][36][37] The country is the fifth most visited destination in the world,[38] and has over 1,500 R&D centres established both by multinational and national firms.[39] 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.[40][need quotation to verify]

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.[41] A period of strong economic growth between 2002 and 2013 (except for 2009)[42] was followed by a slowdown in growth in terms of USD-based nominal GDP figures between 2014 and 2020,[42] especially during the 2018 Turkish currency and debt crisis, although the growth sustained in these years as well in terms of nominal GDP.[42] Furthermore, there has been a steady recovery and a faster pace in growth in Turkey's GDP figures since 2021,[42] which have reached their all-time highest values by the end of 2023.[42][43] Growth-focused financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics[44][45]) have led to high inflation in recent years.[46]

Without a carbon price exporters to the European Union will have to pay the EU Carbon Border Adjustment Mechanism from 2026,[47] and in 2024 they started hedging against this by buying EU Allowances.[48]


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  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. ^ a b "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 (2024 ed.). Central Intelligence Agency.
  6. ^ "The Results of Address Based Population Registration System, 2023". www.tuik.gov.tr. Turkish Statistical Institute. 6 February 2024. Archived from the original on 6 February 2024. Retrieved 6 February 2024.
  7. ^ a b c d e f "World Economic Outlook Database, October 2024 Edition. (Türkiye)". www.imf.org. International Monetary Fund. 22 October 2024. Retrieved 22 October 2024.
  8. ^ "Annual Gross Domestic Product, 2022". Turkstat. 31 August 2023.
  9. ^ "Consumer Prices". TCMB. Retrieved 9 October 2024.
  10. ^ "Poverty and Living Conditions Statistics, 2022". Turkstat. 8 May 2023.
  11. ^ "Persons at risk of poverty or social exclusion by age and sex". ec.europa.eu. Eurostat.
  12. ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu. Eurostat.
  13. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 27 November 2022.
  14. ^ Nations, United. "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 27 November 2022.
  15. ^ a b c "İşgücü İstatistikleri, Ekim 2023" [Labor Statistics, October 2023]. tuik.gov.tr. Turkish Statistical Institute. Retrieved 1 January 2024.
  16. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  17. ^ "Labour Force Statistics, Quarter III: July-September, 2023". Turkstat. 17 November 2023.
  18. ^ a b "Home".
  19. ^ "Presidency of the Republic of Turkey : "Our exports in 2023 have broken the Republican era record"".
  20. ^ "Turkey (TUR) Exports, Imports, and Trade Partners | OEC". Archived from the original on 1 November 2020. Retrieved 15 October 2020.
  21. ^ a b c "Foreign Trade Statistics, December 2023". Turkish Statistical Institute. Retrieved 31 January 2024.
  22. ^ "Imports Products of Turkey". CIA World Factbook. Archived from the original on 5 October 2018. Retrieved 25 April 2013.
  23. ^ "Maxinomics". maxinomics.com. Maxinomics. Retrieved 9 November 2022.
  24. ^ "External Debt | Economic Indicators | CEIC".
  25. ^ "Public Finance". Ministry of Treasury and Finance. Retrieved 21 January 2024.
  26. ^ "Turkish Emergency Humanitarian Assistance". mfa.gov.tr. 2018. Retrieved 11 October 2023.
  27. ^ "Turkey ranks second in the world for humanitarian aid, named most generous donor". Daily Sabah. 15 August 2017. Retrieved 21 June 2017.
  28. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 3 May 2024.
  29. ^ "Turkiye, Government of". Moody's. Retrieved 16 October 2023.
  30. ^ "Turkiye". Fitch. Retrieved 16 October 2023.
  31. ^ "Scope upgrades Türkiye's long-term foreign-currency ratings at B and maintains Positive Outlooks". Scope Ratings. 28 June 2024. Retrieved 28 June 2024.
  32. ^ "Info" (PDF). tcmb.gov.tr.
  33. ^ "Chronology of Turkey-EU relations". Turkish Secretariat of European Union Affairs. Archived from the original on 15 May 2007. Retrieved 30 October 2006.
  34. ^ "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.
  35. ^ 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.
  36. ^ 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.
  37. ^ N. Gregory Mankiw (2007). Principles of Economics (4th ed.). Cengage Learning. ISBN 978-0-324-22472-6.
  38. ^ "Tourism on Track for Full Recovery as New Data Shows Strong Start to 2023". www.unwto.org. Retrieved 14 October 2023.
  39. ^ Ekin İnal; Mert Müstecaplıoğlu (29 March 2021). "Turkey has extended R&D and design centers incentive program". Norton Rose Fulbright. Retrieved 14 October 2023.
  40. ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
  41. ^ "Overview". World Bank. Retrieved 4 April 2021.
  42. ^ a b c d e "Turkey, 2002-2024". IMF World Economic Outlook Database, October 2023.
  43. ^ "GDP, current prices: Billions of U.S. dollars". International Monetary Fund.
  44. ^ "Erdoganomics is spreading across the world". The Economist. 6 July 2023.
  45. ^ Sinan Tavsan (5 June 2023). "Turkey's new cabinet hints at less unorthodox Erdoganomics". asia.nikkei.com.
  46. ^ "Annual inflation in Turkey reaches record 25-year high of 85.5%". euronews.com. Euronews. 3 November 2022.
  47. ^ "Turkey balks at coal phaseout amid growing energy woes – Al-Monitor: The Pulse of the Middle East". al-monitor.com. 4 March 2022. Retrieved 9 March 2022.
  48. ^ "ANALYSIS: Importers begin hedging EUAs to shield against CBAM costs". S&P Global Commodity Insights. 5 September 2024.