The Gross Domestic Product (GDP) in Turkey was worth 1323.25 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Turkey represents 1.25 percent of the world economy. This dataset provides the latest reported value for - Turkey GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Gross domestic product is the total value of all goods and services produced in a country in a year. It is considered an important indicator of the economic strength of a country. In 2024, GDP in Turkey amounted to around 1,322.41 billion U.S. dollars. Gross domestic product as a reliable indicatorGross domestic product, or GDP for short, not only shows the aforementioned value; by doing so it gives an idea of the state of a country’s economy and standard of living. The higher and more stable a country’s GDP, the better its economic situation. Since GDP is measured consistently worldwide, comparisons between countries are possible and quite reliable. Turkey’s economy on the decline? Turkey’s gross domestic product has been on a decline for the past years and is estimated to hit rock bottom in 2019, with a projected steep upturn afterwards. At the same time, inflation is set to peak at almost 17.5 percent the same year, and unemployment is on the rise. All in all, the figures do not look promising for Turkey, but at least estimations assume a quick recovery. However, this economic development is likely due to the political path the country has chosen in recent years, and it remains to be seen if the forecasts will prove true in the future or if Turkey’s economy needs to brace itself for a further downturn instead.

This statistic shows the growth of the real gross domestic product (GDP) in Turkey from 2020 to 2024, with projections up until 2030. The real GDP is also known as economic growth. In 2024, the growth of the real GDP in Turkey was at approximately 3.18 percent compared to the previous year. Turkey's economy Based on economic standards, Turkey is recognized as an emerging market and is one of the world’s newly industrialized countries, having earned a place in the Group of Twenty, which is a group consisting of the twenty most important economies in the world. Turkey’s economical significance is partially attributed to the country’s growth, especially during the recent global financial recession. While countries around the world struggled to grow, let alone maintain a balanced economy, Turkey experienced a rather high percentage of gross domestic product growth annually. Additionally, Turkey’s financial sector saw significant improvements, most notably with the country’s inflation, which reached rates lower than those prior to the financial crash and even the lowest in a decade. With a rapidly growing populace as well as having had one of the fastest growing economies in Europe and the world, Turkey managed to maintain a stable and unchanged unemployment rate over the past decade, with the exception of 2009. However, despite a significant spike in unemployment, Turkey’s competent management helped bring the total unemployment rate to single digits for the first time in many years.

Historical chart and dataset showing Turkey GDP per capita by year from 1960 to 2023.

Turkey TR: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data was reported at 17.511 % in 2017. This records an increase from the previous number of 16.599 % for 2016. Turkey TR: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 17.080 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 23.122 % in 1989 and a record low of 12.775 % in 1960. Turkey TR: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Turkey – Table TR.World Bank.WDI: Gross Domestic Product: Share of GDP. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average; Note: Data for OECD countries are based on ISIC, revision 4.

Historical chart and dataset showing Turkey GDP by year from 1960 to 2023.

The statistic shows the gross domestic product (GDP) per capita in Turkey from 1987 to 2024, with projections up until 2030. 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 2024, the GDP per capita in Turkey was estimated to be around 15,463.29 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 TR: GDP: Net National Income data was reported at 2,591,912.000 TRY mn in 2017. This records an increase from the previous number of 2,186,808.000 TRY mn for 2016. Turkey TR: GDP: Net National Income data is updated yearly, averaging 1,537,675.000 TRY mn from Dec 2009 (Median) to 2017, with 9 observations. The data reached an all-time high of 2,591,912.000 TRY mn in 2017 and a record low of 824,646.000 TRY mn in 2009. Turkey TR: GDP: Net National Income data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Turkey – Table TR.IMF.IFS: Gross Domestic Product: by Expenditure: Annual.

Turkey: Value added in the agricultural sector as percent of GDP: The latest value from 2023 is 6.16 percent, a decline from 6.48 percent in 2022. In comparison, the world average is 9.91 percent, based on data from 166 countries. Historically, the average for Turkey from 1960 to 2023 is 21.25 percent. The minimum value, 5.53 percent, was reached in 2021 while the maximum of 54.92 percent was recorded in 1960.

GDP deflator: linked series (base year varies by country) in Turkey was reported at 1190 year in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Turkey - GDP deflator: linked series (base year varies by country) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

The gross national savings rate in Turkey was forecast to continuously increase between 2024 and 2029 by in total 1.8 percentage points. After the sixth consecutive increasing year, the savings rate is estimated to reach 22.68 percent and therefore a new peak in 2029. The savings rate here refers to the gross domestic saving by the state, private households, and corporations and is shown as a percentage of total gross domestic product (GDP).The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than 150 countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).Find more key insights for the gross national savings rate in countries like Cyprus and Croatia.

Turkey Exports: Other Countries: North America data was reported at 9.700 USD bn in 2017. This records an increase from the previous number of 7.404 USD bn for 2016. Turkey Exports: Other Countries: North America data is updated yearly, averaging 4.671 USD bn from Dec 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 9.700 USD bn in 2017 and a record low of 1.740 USD bn in 1996. Turkey Exports: Other Countries: North America data remains active status in CEIC and is reported by Turkish Statistical Institute. The data is categorized under Global Database’s Turkey – Table TR.JA009: Exports: by Country and Region: Annual.

Key information about Turkey External Debt: % of GDP

• Turkey External Debt accounted for 45.1 % of the country's Nominal GDP in 2023, compared with the ratio of 50.9 % in the previous year.
• Turkey External Debt: % of Nominal GDP data is updated yearly, available from Dec 1989 to Dec 2023.
• The data reached an all-time high of 59.6 % in Dec 2020 and a record low of 26.1 % in Dec 1990.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and quarterly Nominal GDP. Republic of Turkey, Ministry of Treasury and Finance provides External Debt in USD. Turkish Statistical Institute provides Nominal GDP in local currency. The Central Bank of the Republic of Turkey average market exchange rate is used for currency conversions. External Debt as % of Nominal GDP prior to 1998 is sourced directly from Republic of Turkey, Ministry of Treasury and Finance.


Related information about Turkey External Debt: % of GDP

• In the latest reports of Turkey, Current Account recorded a surplus of 1.9 USD bn in Oct 2024.
• Foreign Direct Investment (FDI) increased by 770.0 USD mn in Oct 2024.
• Turkey Direct Investment Abroad expanded by 974.0 USD mn in Oct 2024.
• Its Foreign Portfolio Investment increased by 9.3 USD bn in Sep 2024.
• The country's External Debt reached 525,799.9 in Sep 2024.
• The country's Nominal GDP was reported at 245.5 USD bn in Mar 2023.

The statistic shows the national debt of Turkey from 2020 to 2023 in relation to the gross domestic product (GDP), with projections up until 2030. The data relate to the entire Turkish state and include government debt and the debt of the provinces, municipalities, communes as well as social security. In 2023, Turkey's national debt amounted to around 29.26 percent of the GDP. Turkey's economic situation Based on the current state of its economy, Turkey is defined as an emerging market and one of the newly industrialized countries in the world. Turkey is identified as one of the members of the G-20 major economies and is also a member of the EU Customs Union, allowing for custom-free trade amongst all member states. Like every other country's economy, Turkey’s economy is primarily made up of three different sectors; agriculture, industry and services. Over the past decade, Turkey has shifted more focus to its services sector, most notably tourism, communications and transport, while slightly decreasing its dependency on the agricultural and industrial aspects. While many other countries have struggled to recover from the 2008 global financial crisis as well as the Eurozone crisis, the Turkish economy returned to its pre-crisis form in several years and has since seen exponential economic growth and higher productivity and efficiency, more than double the amount compared to a decade prior. With regards to total GDP, government spending within the country has remained relatively low and has remained stable over the past decade, in comparison to developed EU countries, which may be spending more than they can afford.

Turkey TR: GDP: Growth: GNI per Capita data was reported at 5.549 % in 2017. This records an increase from the previous number of 1.624 % for 2016. Turkey TR: GDP: Growth: GNI per Capita data is updated yearly, averaging 4.189 % from Dec 1988 (Median) to 2017, with 30 observations. The data reached an all-time high of 9.468 % in 2011 and a record low of -8.336 % in 2001. Turkey TR: GDP: Growth: GNI per Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Turkey – Table TR.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GNI per capita based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GNI per capita is gross national income divided by midyear population. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

The tourism sector GDP share in Turkey was forecast to continuously increase between 2023 and 2028 by in total *** percentage points. The share is estimated to amount to ***** percent in 2028. While the share was forecast to increase significant in the next years, the increase will slow down in the future.Depited is the economic contribution of the tourism sector in relation to the gross domestic product of the country or region at hand.The forecast has been adjusted for the expected impact of COVID-19.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than *** countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).Find more key insights for the tourism sector GDP share in countries like Romania and Croatia.

Key information about Turkey Market Capitalization: % of GDP

• Turkey Market Capitalization accounted for 30.9 % of its Nominal GDP in Dec 2024, compared with a percentage of 37.8 % in the previous year
• Turkey Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1998 to Dec 2024
• The data reached an all-time high of 56.9 % in Dec 1999 and a record low of 14.7 % in Dec 1998

CEIC calculates Market Capitalization as % of Nominal GDP from monthly Market Capitalization and quarterly Nominal GDP. Borsa Istanbul provides Market Capitalization in local currency. Turkish Statistical Institute provides Nominal GDP in local currency.


Further information about Turkey Market Capitalization: % of GDP

• In the latest reports, Borsa Istanbul recorded a monthly P/E ratio of 12.3 in Jan 2025
• BIST National 100 closed at 116,524.8 points in Jun 2020

Key information about Turkey Gross National Product (GNP)

• Turkey Gross National Product (GNP) was reported at 1,096.809 USD bn in Dec 2023.
• This records an increase from the previous number of 898.339 USD bn for Dec 2022.
• Turkey Gross National Product (GNP) data is updated yearly, averaging 177.668 USD bn from Dec 1967 to 2023, with 57 observations.
• The data reached an all-time high of 1,096.809 USD bn in 2023 and a record low of 15.578 USD bn in 1967.

Related information about Turkey Gross National Product (GNP) data

• Turkey Gross National Product (GNP) data remains active status in CEIC and is reported by CEIC Data.
• The World Bank provides annual Gross National Product in USD.

The statistic shows the unemployment rate in Turkey from 1999 to 2023. In 2023, the unemployment rate in Turkey was at about 9.39 percent. Trade in Turkey Turkey is a growing market and recognized as one of the world’s newest industrialized countries. Partially due Turkey’s fast growing economy, the country was able to save up and maintain a relatively large currency reserve. Currency reserves are most important in dire financial situations. Turkey is also a member of the G-20 major economies and the EU Customs Union, an organization made up of EU countries as well as neighboring countries that essentially allow no customs to be levied on goods being traded within the borders of these countries. As a result, a large percentage of goods imported and exported were going to and coming from countries within the custom borders. However, many Turkish officials believed that it was necessary to expand exports beyond westernized countries in order to further develop the country’s trade sector, and for this reason, trades with countries such as Iran and Iraq. Primary imports into Turkey consist of machinery, chemicals, semi-finished goods, fuels and transport equipment. Additionally, a large part of those imports are made up of cotton, with Turkey being one of the largest importers of cotton in the world. Due to large imports and struggles with its exports, Turkey reported a trade deficit every year over the past decade with increasing difficulties to attain a trade surplus.

This statistic shows the share economic sectors in gross domestic product (GDP) in Turkey from 2013 to 2023. In 2023, agriculture contributed 6.16 percent to GDP, while industry and services accounted for 28.38 percent and 54.13 percent respectively.