The monthly net minimum wage in Turkey doubled in 2024 compared to the amount in 2023, reaching 17,000 Turkish lira. This equaled approximately 490 euros according to the exchange rate on April 29, 2024. Labor market dynamics: increasing participation rate The increase in Turkey's monthly net minimum wage aligns with the country's labor force participation rate, which reached a peak of 58.31% in 2022. Furthermore, in 2023, the country experienced a notable decrease in the youth unemployment rate, recording one of the lowest figures in the past twenty years. This surge in labor participation and youth employment indicates a growing pool of economically active individuals, potentially influenced by the substantial rise in the minimum wage. Shifts in sectoral employment Turkey underwent a significant transformation in sectoral employment over the last decade. From 2014 to 2023, both the agricultural and the construction sector experienced a constant decline in employment figures. Meanwhile, the service sector reached a peak level of employment as of 2023. That year, the service sector occupied the highest share of total employment, accounting for nearly 58 percent. This reflects the ongoing structural changes in the Turkish economy, where the service sector has emerged as the largest employer.

In Turkey, the average annual income was recorded at higher values in the case of men than women each year from 2008 to 2023. However, the gender pay gap fluctuated over time and has been widening from 2022. In 2023, men earned over 125,700 Turkish lira on average, whereas women made nearly 91,700 Turkish lira. That indicated a 37 percent pay gap between men and women in the country. Average income varies significantly depending on education level With high inflation leading to soaring prices and a decline in purchasing power within the country, the Minimum Wage Determination Commission, established by the Turkish government, has taken steps to regulate the minimum wage. As of 2024, the minimum wage was adjusted to 17,000 Turkish lira (497.4 U.S. dollars as of September 30, 2024), more than doubling compared to the previous year. Meanwhile, education levels continue to play a crucial role in income disparities in Turkey. Individuals with higher education degrees consistently earned the highest average annual income, reaching nearly 158,000 Turkish lira in 2023.  In contrast, illiterate individuals earned about 45,600 Turkish lira on average. Labor force participation and economic inactivity The average labor force participation rate in Turkey reached 53.3 percent in 2023, with considerable regional variations. That year, Ardahan recorded the highest rate at 61.7 percent, while Siirt had the lowest at 38.5 percent. At the same time, there were a significant number of Turkish people who were not in the workforce in 2023. Over nine million people did not work that year due to being housewives, and nearly 5.4 million were absent due to disability, old age, or illness.

Wages in Manufacturing in Turkey increased to 774.29 points in the fourth quarter of 2024 from 731.76 points in the third quarter of 2024. This dataset provides the latest reported value for - Turkey Gross Wages in Manufacturing Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Turkey Household Income per Capita

• Turkey Annual Household Income per Capita reached 2,382.158 USD in Dec 2023, compared with the previous value of 1,847.728 USD in Dec 2022.
• Turkey Annual Household Income per Capita data is updated yearly, available from Dec 2007 to Dec 2023, with an averaged value of 3,670.941 USD.
• The data reached an all-time high of 4,134.509 USD in Dec 2013 and a record low of 1,847.728 USD in Dec 2022.
• In the latest reports, Retail Sales of Turkey grew 11.219 % YoY in Dec 2023.

CEIC calculates Annual Household Income per Capita from annual Household Income, Population and Number of Households and converts it into USD. Turkish Statistical Institute provides Household Income in local currency, Population and Number of Households. The Central Bank of the Republic of Turkey average market exchange rate is used for currency conversions. Household Income covers Household Disposable Income only.

Los salarios en Turquía aumentaron a 8971 TRY/mes en 2022 desde 4050 TRY/mes en 2020. Los valores actuales, los datos históricos, las previsiones, estadísticas, gráficas y calendario económico - Turquía - Salarios.

The statistic shows the gross domestic product (GDP) per capita in Turkey from 1987 to 2023, with projections up until 2029. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a change in it is a sign of economic growth. In 2023, the GDP per capita in Turkey was estimated to be around 13,235.88 U.S. dollars. Turkey and the economic crisis Due to slight economic growth, Turkey is beginning to be recognized as an emerging market and one of the newer industrialized countries in the world. After the global financial recession, many economical aspects of the country crashed. However, Turkey implemented stimulus packages, including temporary tax cuts, and as a result, Turkey’s economy recovered from the crisis faster than many other nations. Not only is Turkey’s economic recovery is evident in an annual rise in GDP, but also in a significant plunge in unemployment since the crash as well as in a decrease of the inflation rate , which reached decade-low levels. Turkey specializes in the production of clothing, automotive, iron and steel, chemicals and agricultural products. Due to a high agricultural output rate, Turkey has been efficient in food production and is viewed as one of the most plentiful producers of fresh fruit worldwide. Agricultural production has also seen growth over the years in the country; however Turkey has slowly become less dependent on it as a main source of income.

Turkey, Russia, Portugal, and Latvia were the countries with the highest house price-to-rent-ratio in the ranking in the second quarter of 2024. In all three countries, the ratio exceeded 160 index points, meaning that house price growth had outpaced rents by over 60 percent between 2015 and 2024. What does the house-price-to-rent ratio show? The house-price-to-rent-ratio measures the evolution of house prices compared to rents. It is generally calculated by dividing the median house price by the median annual rent. In this statistic, the values have been normalized with 100 equaling the 2015 ratio. Consequentially, a value under 100 means that rental rates have risen more than house prices. When all OECD countries are considered as a whole, the gap between house prices and rents was wider than in the Euro area. Measures of housing affordability The national house-price-to-rent ratio may not fully reflect the cost of housing in a particular country, as it does not capture the price variations that can exist between different regions. It also does not take into consideration the relationship between incomes and housing costs, which is measured by the house-price-to-income and household-rent-to-income ratios. Taking both these factors into account uncovers vast differences in housing affordability between different regions and different professions.