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.

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.

GDP, billion currency units in Turkey, December, 2024 The most recent value is 12704.05 billion Turkish Lira as of Q4 2024, an increase compared to the previous value of 11915.59 billion Turkish Lira. Historically, the average for Turkey from Q1 1998 to Q4 2024 is 1184.11 billion Turkish Lira. The minimum of 13.45 billion Turkish Lira was recorded in Q1 1998, while the maximum of 12704.05 billion Turkish Lira was reached in Q4 2024. | TheGlobalEconomy.com

GDP from Services in Turkey increased to 164040457 TRY Thousand in the fourth quarter of 2024 from 151746696 TRY Thousand in the third quarter of 2024. This dataset provides - Turkey Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Turkey GDP Per Capita

• Turkey Gross Domestic Product (GDP) per Capita reached 15,463.390 USD in Dec 2024, compared with 13,243.434 USD in Dec 2023.
• Turkey GDP Per Capita data is updated yearly, available from Dec 1998 to Dec 2024, with an average number of 9,735.458 USD.
• The data reached an all-time high of 15,463.390 USD in Dec 2024 and a record low of 3,107.502 in Dec 2001.
• The Turkish Statistical Institute provides GDP per Capita in USD.

Related information about Turkey GDP Per Capita data

• In the latest reports, Turkey GDP expanded 4.030 % YoY in Mar 2023.
• Turkey Nominal GDP reached 245.496 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 77.252 % in Mar 2023.
• Gross Savings Rate of Turkey was measured at 23.937 % in Dec 2024.

GDP (current US$) in Turkey was reported at 1118252964261 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Turkey - GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

GDP Deflator in Turkey increased to 249.20 points in the fourth quarter of 2024 from 243.70 points in the third quarter of 2024. This dataset provides the latest reported value for - Turkey GDP Deflator - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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 Nominal GDP Growth

• Turkey Nominal GDP Growth was reported at 48.974 % in Dec 2024.
• This records a decrease from the previous number of 53.569 % for Sep 2024.
• Turkey Nominal GDP Growth data is updated quarterly, averaging 19.171 % from Mar 1999 to Dec 2024, with 104 observations.
• The data reached an all-time high of 120.982 % in Sep 2022 and a record low of -3.410 % in Jun 2009.
• Turkey Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. Turkish Statistical Institute provides Nominal GDP in local currency.

Graph and download economic data for Nominal Gross Domestic Product for Turkey (NGDPSAXDCTRQ) from Q1 1998 to Q3 2024 about Turkey and GDP.

GDP Constant Prices in Turkey increased to 626966328 TRY Thousand in the fourth quarter of 2024 from 613226808 TRY Thousand in the third quarter of 2024. This dataset provides the latest reported value for - Turkey GDP Constant Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Turkey Private Consumption: % of GDP

• Turkey Private Consumption accounted for 60.7 % of its Nominal GDP in Dec 2024, compared with a ratio of 59.1 % in the previous quarter.
• Turkey Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1998 to Dec 2024, with an average share of 61.0 %.
• The data reached an all-time high of 73.1 % in Mar 2000 and a record low of 54.6 % in Sep 2018.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. Private Consumption Expenditure is calculated as the sum of Household and NPISHs Consumption. Turkish Statistical Institute provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Turkey Private Consumption: % of GDP

• In the latest reports, Turkey GDP expanded 4.0 % YoY in Mar 2023.
• Its Nominal GDP reached 245.5 USD bn 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.

GDP from Public Administration in Turkey decreased to 57711888 TRY Thousand in the fourth quarter of 2024 from 58017858 TRY Thousand in the third quarter of 2024. This dataset provides the latest reported value for - Turkey Gdp From Public Administration - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The tourism sector GDP share in Turkey was forecast to continuously increase between 2023 and 2028 by in total 3.9 percentage points. The share is estimated to amount to 12.65 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 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 tourism sector GDP share in countries like Romania and Croatia.

GDP per capita (constant LCU) in Turkey was reported at 26141 LCU in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Turkey - GDP per capita (constant LCU) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

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.

Consumption as percent of GDP in Turkey, December, 2024 The most recent value is 60.74 percent as of Q4 2024, an increase compared to the previous value of 59.13 percent. Historically, the average for Turkey from Q1 1998 to Q4 2024 is 61.44 percent. The minimum of 54.62 percent was recorded in Q3 2018, while the maximum of 73.07 percent was reached in Q1 2000. | TheGlobalEconomy.com

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 March of 2025.

Households Debt in Turkey decreased to 9.60 percent of GDP in the third quarter of 2024 from 9.70 percent of GDP in the second quarter of 2024. This dataset provides - Turkey Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.