This statistic shows the growth of the real gross domestic product (GDP) in Turkey from 2019 to 2023, with projections up until 2029. The real GDP is also known as economic growth. In 2023, the growth of the real GDP in Turkey was at approximately 5.11 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.

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 2023, GDP in Turkey amounted to around 1,129.97 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.

Reaching nearly 20 Turkish lira per one single euri, the EUR/TRY exchange rate increased well into 2022. As of March 17, 2025, the exchange rate reached approximately 39.87 Turkish lira. The concrete, or point in time, measure shows the exchange rate as of the last day of each month, which is different from the standardized measure; calculation of average based on observations throughout the period in question.

Inflation Rate in Turkey decreased to 39.05 percent in February from 42.12 percent in January of 2025. This dataset provides the latest reported value for - Turkey Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows the average inflation rate in Turkey from 1987 to 2023, with projections up until 2029. In 2023, the average inflation rate in Turkey was at around 53.86 percent compared to the previous year.

Turkey’s economy

With a continuously growing gross domestic product /GDP and thus a rising share in the global GDP adjusted for Purchasing Power Parity, Turkey’s economy is one of the largest worldwide. By 2030, Turkey is estimated to be one of the countries with the highest gross domestic product worldwide.

Import of goods figures and export figures are rising as well, however, the trade balance of Turkey has been in the negative range for several years now with a downwards trend which indicates a serious trade deficit – or in other words: an imbalance between export and import costs; the value of goods Turkey imports is a lot higher than the value of exported goods.

Main export partners of Turkey for textiles, automotive goods, iron and steel, among other goods, are mostly European countries, with Germany leading the ranking, followed by Iraq, Great Britain, Italy and France. The most important economic sector for Turkey is the services sector, especially the tourism sector, which has experienced a significant boost over the last decade. Thus, Turkey is now among the most popular destinations for visitors of all nations.

A look at gross domestic product /GDP growth in Turkey shows that the country suffered a brief setback during the economic crisis of 2008, but swiftly recovered and was back in the black by 2010. Turkey’s employment figures hardly suffered at all, they too recovered quickly and are now back to pre-crisis levels.

As 2022 progressed, less Turkish lira could be bought with U.S. dollars than in previous years - decreasing by nearly five lira. By March 17, 2025, one U.S. dollar was worth approximately 36.64. The average (standardized) measure is based on the calculation of many observations throughout the period in question. It is therefore different than an annual measure at point in time, which reflects concrete values as of end of the year.

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.

Key information about Turkey Investment: % of GDP

• Turkey Investment accounted for 24.2 % of its Nominal GDP in Dec 2024, compared with a ratio of 24.2 % in the previous quarter.
• Turkey investment share of Nominal GDP data is updated quarterly, available from Mar 1998 to Dec 2024, with an average ratio of 27.8 %.
• The data reached an all-time high of 37.8 % in Mar 2022 and a record low of 12.7 % in Mar 1999.

CEIC calculates Investment as % of Nominal GDP from quarterly Nominal Gross Capital Formation and quarterly Nominal GDP. Gross Capital Formation is calculated as the sum of Gross Fixed Capital Formation and Changes in Inventories. Turkish Statistical Institute provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency. Changes in Inventories include Statistical Discrepancy.


Related information about Turkey Investment: % of GDP

• In the latest reports, Turkey GDP expanded 4.0 % YoY in Mar 2023.
• Turkey Nominal GDP reached 245.5 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 77.3 % in Mar 2023.
• Turkey GDP Per Capita reached 15,463.4 USD in Dec 2024.
• Its Gross Savings Rate was measured at 23.9 % in Dec 2024.

Turkey GDP for 2023 was 1.108 trillion US dollars, a 22.15% increase from 2022.

• Turkey GDP for 2022 was 907.12 billion US dollars, a 10.64% increase from 2021.
• Turkey GDP for 2021 was 819.87 billion US dollars, a 13.82% increase from 2020.
• Turkey GDP for 2020 was 720.34 billion US dollars, a 5.34% decline from 2019.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Turkey GDP Nowcast: swda: YoY: Contribution: Production: IPI: swda: EA 20 data was reported at 0.350 % in 10 Mar 2025. This records an increase from the previous number of 0.000 % for 03 Mar 2025. Turkey GDP Nowcast: swda: YoY: Contribution: Production: IPI: swda: EA 20 data is updated weekly, averaging 0.000 % from Jan 2019 (Median) to 10 Mar 2025, with 323 observations. The data reached an all-time high of 0.350 % in 10 Mar 2025 and a record low of 0.000 % in 03 Mar 2025. Turkey GDP Nowcast: swda: YoY: Contribution: Production: IPI: swda: EA 20 data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Turkey – Table TR.CEIC.NC: CEIC Nowcast: Gross Domestic Product (GDP).

Turkey GDP per capita for 2023 was $12,986, a 21.65% increase from 2022.

• Turkey GDP per capita for 2022 was $10,675, a 9.56% increase from 2021.
• Turkey GDP per capita for 2021 was $9,743, a 12.79% increase from 2020.
• Turkey GDP per capita for 2020 was $8,639, a 6.26% decline from 2019.

GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

Turkey GDP: Volume: GVA: Information & Communication data was reported at 169.804 2009=100 in 2017. This records an increase from the previous number of 151.081 2009=100 for 2016. Turkey GDP: Volume: GVA: Information & Communication data is updated yearly, averaging 98.551 2009=100 from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 169.804 2009=100 in 2017 and a record low of 50.931 2009=100 in 1998. Turkey GDP: Volume: GVA: Information & Communication data remains active status in CEIC and is reported by Turkish Statistical Institute. The data is categorized under Global Database’s Turkey – Table TR.A019: ESA 2010: GDP by Industry: NACE Rev.2: Volume Index: 2009=100: Annual.

Turkey GDP Nowcast: swda: YoY: Contribution: Equity Market: Borsa Istanbul: Index: BIST Tekirdag data was reported at 0.000 % in 03 Mar 2025. This stayed constant from the previous number of 0.000 % for 24 Feb 2025. Turkey GDP Nowcast: swda: YoY: Contribution: Equity Market: Borsa Istanbul: Index: BIST Tekirdag data is updated weekly, averaging 0.000 % from Jan 2019 (Median) to 03 Mar 2025, with 322 observations. The data reached an all-time high of 23.852 % in 20 May 2019 and a record low of 0.000 % in 03 Mar 2025. Turkey GDP Nowcast: swda: YoY: Contribution: Equity Market: Borsa Istanbul: Index: BIST Tekirdag data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Turkey – Table TR.CEIC.NC: CEIC Nowcast: Gross Domestic Product (GDP).

The statistic shows the national debt of Turkey from 2019 to 2023 in relation to the gross domestic product (GDP), with projections up until 2029. 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.

Abstract

The World Bank Group is interested in gauging the views of clients and partners who are either involved in development in Turkey or who observe activities related to social and economic development. The World Bank Country Assessment Survey will give the World Bank Group's team that works in Turkey, greater insight into how the Bank's work is perceived. This is one tool the World Bank Group uses to assess the views of its stakeholders, and to develop more effective strategies that support development in Turkey.

A local independent firm has been hired to oversee the logistics of this survey. This ensures anonymity and confidentiality. Finally, the survey relates to the World Bank Group's work. The World Bank Group consists of IBRD, IDA, IFC, MIGA, and ICSID.

The survey was designed to achieve the following objectives: - Assist the World Bank Group in gaining a better understanding of how stakeholders in Turkey perceive the World Bank Group; - Obtain systematic feedback from stakeholders in Turkey regarding: · Their views regarding the general environment in Turkey; · Their overall attitudes toward the World Bank Group in Turkey; · Overall impressions of the World Bank Group's effectiveness and results, project/program related issues, knowledge work and activities, and communication and information sharing in Turkey; and · Perceptions of the World Bank Group's future role in Turkey. - Use data to help inform Turkey country team's strategy.

Geographic coverage

National

Analysis unit

Stakeholder

Universe

Stakeholders of the World Bank in Turkey.

Kind of data

Sample survey data [ssd]

Sampling procedure

In February-April 2014, 742 stakeholders of the World Bank Group in Turkey were invited to provide their opinions on the World Bank Group's assistance to the country by participating in a country survey. Participants in the survey were drawn from the office of the President; the office of the Prime Minister; the office of a Minister; the office of a Parliamentarian; employees of ministries, ministerial departments, or implementation agencies; consultants/contractors working on World Bank Group-supported projects/programs; project management units (PMUs) overseeing implementation of a project; local government officials or staff; bilateral agencies; multilateral agencies; private sector organizations; private foundations; the financial sector/private banks; NGOs; community-based organizations (CBOs); the media; independent government institutions; trade unions; faith-based groups; academia/research institutes/think tanks; and the judiciary branch.

Mode of data collection

Face-to-face [f2f]

Research instrument

The Questionnaire consists of 8 Sections:

1. General Issues Facing Turkey: Respondents were asked to indicate whether Turkey is headed in the right direction, what they thought were the top three most important development priorities in the country, which areas would contribute most to reducing poverty and generating economic growth in Turkey, and how "shared prosperity" would be best achieved in Turkey.

2. Overall Attitudes toward the World Bank Group (WBG): Respondents were asked to rate their familiarity with the WBG, the WBG's effectiveness in Turkey, WBG staff preparedness to help Turkey solve its development challenges, their agreement with various statements regarding the WBG's work, and the extent to which the WBG is an effective development partner. Respondents were also asked to indicate the WBG's greatest values and weaknesses, the most effective instruments in helping reduce poverty in Turkey, with which stakeholder groups the WBG should collaborate more, and in which sectoral areas the WBG should focus most of its resources (financial and knowledge services).

3. World Bank Group's Effectiveness and Results: Respondents were asked to rate the extent to which the WBG's work helps achieve development results in Turkey, the extent to which the WBG meets Turkey's needs for knowledge services and financial instruments, the importance of the WBG being involved in twenty-seven areas of development and the WBG's level of effectiveness across twenty-three development areas.

4. The World Bank Group's Knowledge Work and Activities: Respondents were asked to indicate how frequently they consult WBG's knowledge work and activities and to rate the effectiveness and quality of the WBG's knowledge, including how significant of a contribution it makes to development results and its technical quality.

5. Working with the World Bank Group: Respondents were asked to rate their level of agreement with a series of statements regarding working with the WBG, such as the WBG's "Safeguard Policy" requirements being reasonable.

6. The Future Role of the World Bank Group in Turkey: Respondents were asked to indicate what the WBG should do to make itself of greater value in Turkey and which services the WBG should offer more of in the country.

7. Communication and Information Sharing: Respondents were asked to indicate how they get information about economic and social development issues, and their usage and evaluation of the WBG's websites and social media channels. Respondents were also asked about their awareness of the WBG's Access to Information policy, past information requests from the WBG, and their level of agreement that they use more data from the WBG as a result of the WBG's Open Data policy.

8. Background Information: Respondents were asked to indicate their current position, specialization, whether they professionally collaborate with the WBG, their exposure to the WBG in Turkey, which WBG agencies they work with, and their geographic location.

Response rate

A total of 279 stakeholders participated in the survey (38% response rate).

Turkey GDP: CL 2009p: GVA: Real Estate Activities data was reported at 137,711.450 TRY mn in 2017. This records an increase from the previous number of 134,171.405 TRY mn for 2016. Turkey GDP: CL 2009p: GVA: Real Estate Activities data is updated yearly, averaging 104,735.992 TRY mn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 137,711.450 TRY mn in 2017 and a record low of 83,349.992 TRY mn in 1998. Turkey GDP: CL 2009p: GVA: Real Estate Activities data remains active status in CEIC and is reported by Turkish Statistical Institute. The data is categorized under Global Database’s Turkey – Table TR.A016: ESA 2010: GDP by Industry: NACE Rev.2: Chain Linked 2009 Price: Annual.

The novel coronavirus pandemic, or COVID-19, had a severe impact on the global economy, causing a decrease of the G20 countries' gross domestic product (GDP) of all G20 countries except for China and Turkey in 2020. The rising inflation in 2022 and 2023 also caused slowing economic growth in some countries, but not nearly as heavy as during the COVID-19 pandemic.For more information about the economic impact of the COVID-19 pandemic on the global economy, please check out our dedicated topic page.

Turkey GDP: CL 2009p: GVA: Manufacturing data was reported at 282,761.245 TRY mn in 2017. This records an increase from the previous number of 259,788.258 TRY mn for 2016. Turkey GDP: CL 2009p: GVA: Manufacturing data is updated yearly, averaging 160,152.494 TRY mn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 282,761.245 TRY mn in 2017 and a record low of 99,491.693 TRY mn in 2001. Turkey GDP: CL 2009p: GVA: Manufacturing data remains active status in CEIC and is reported by Turkish Statistical Institute. The data is categorized under Global Database’s Turkey – Table TR.A016: ESA 2010: GDP by Industry: NACE Rev.2: Chain Linked 2009 Price: Annual.

Graph and download economic data for Currency Conversions: US Dollar Exchange Rate: Average of Daily Rates: National Currency: USD for Turkey (CCUSMA02TRM618N) from Jan 1957 to Feb 2025 about Turkey, exchange rate, currency, and rate.

Turkey debt to gdp ratio for 2022 was 36.09%, a 7.46% decline from 2021.

• Turkey debt to gdp ratio for 2021 was 43.55%, a 0.36% increase from 2020.
• Turkey debt to gdp ratio for 2020 was 43.18%, a 6.48% increase from 2019.
• Turkey debt to gdp ratio for 2019 was 36.70%, a 4.74% increase from 2018.

Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.