Turkey Economy - 2024

Economic overview

upper middle-income, diversified Middle Eastern economy; heightened inflation and currency depreciation triggered by expansionary monetary and fiscal policy ahead of 2023 elections, now being reversed; industrializing economy that maintains large agricultural base

Real GDP (purchasing power parity)

$2.817 trillion (2022 est.)
$2.668 trillion (2021 est.)
$2.396 trillion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

11.35% (2021 est.)
1.94% (2020 est.)
0.78% (2019 est.)

Real GDP per capita

$33,100 (2022 est.)
$31,500 (2021 est.)
$28,500 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$760.028 billion (2019 est.)

Inflation rate (consumer prices)

19.6% (2021 est.)
12.28% (2020 est.)
15.18% (2019 est.)

Credit ratings

Fitch rating: BB- (2019)

Moody's rating: B2 (2020)

Standard & Poors rating: B+ (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.8% (2017 est.)

industry: 32.3% (2017 est.)

services: 60.7% (2017 est.)

GDP - composition, by end use

household consumption: 59.1% (2017 est.)

government consumption: 14.5% (2017 est.)

investment in fixed capital: 29.8% (2017 est.)

investment in inventories: 1.1% (2017 est.)

exports of goods and services: 24.9% (2017 est.)

imports of goods and services: -29.4% (2017 est.)

Agricultural products

eggs, milk, wheat, sugar beets, tomatoes, barley, maize, potatoes, apples, grapes

Industries

textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper

Industrial production growth rate

12.46% (2021 est.)

Labor force

32.554 million (2021 est.)

note: this number is for the domestic labor force only; number does not include about 1.2 million Turks working abroad, nor refugees

Unemployment rate

13.39% (2021 est.)
13.11% (2020 est.)
13.67% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 24.3% (2021 est.)

male: 21.4%

female: 29.9%

Population below poverty line

14.4% (2018 est.)

Gini Index coefficient - distribution of family income

41.9 (2019 est.)

Average household expenditures

on food: 21.8% of household expenditures (2018 est.)

on alcohol and tobacco: 3.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 30.3% (2008)

Remittances

0.09% of GDP (2021 est.)
0.11% of GDP (2020 est.)
0.11% of GDP (2019 est.)

Budget

revenues: $210.536 billion (2020 est.)

expenditures: $249.268 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1.5% (of GDP) (2017 est.)

Public debt

41.97% of GDP (2020 est.)
34.13% of GDP (2019 est.)
29.41% of GDP (2018 est.)

Taxes and other revenues

17.64% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$13.693 billion (2021 est.)
-$35.537 billion (2020 est.)
$5.303 billion (2019 est.)

Exports

$343.688 billion (2022 est.) note: data are in current year dollars
$282.851 billion (2021 est.)
$203.816 billion (2020 est.)

note: data are in current year dollars

Exports - partners

Germany 8%, United States 7%, United Kingdom 5%, Iraq 5%, Italy 5% (2022)

Exports - commodities

refined petroleum, cars, jewelry, motor vehicle parts/accessories, delivery trucks (2022)

Imports

$383.5 billion (2022 est.) note: data are in current year dollars
$285.578 billion (2021 est.)
$230.141 billion (2020 est.)

note: data are in current year dollars

Imports - partners

China 13%, Germany 9%, Russia 8%, United States 5%, Italy 5% (2022)

Imports - commodities

gold, refined petroleum, scrap iron, cars, natural gas (2022)

Reserves of foreign exchange and gold

$109.535 billion (31 December 2021 est.)
$93.512 billion (31 December 2020 est.)
$105.62 billion (31 December 2019 est.)

Debt - external

$438.677 billion (2019 est.)
$454.251 billion (2018 est.)

Exchange rates

Turkish liras (TRY) per US dollar -

Exchange rates:
8.85 (2021 est.)
7.009 (2020 est.)
5.674 (2019 est.)
4.828 (2018 est.)
3.648 (2017 est.)