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.

Key information about Turkey Real GDP Growth

• The Gross Domestic Product (GDP) in Turkey expanded 3.5 % YoY in Dec 2022, following a growth of 4.0 % in the previous quarter.
• Real GDP Growth YoY data in Turkey is updated quarterly, available from Mar 1999 to Dec 2022, with an average rate of 6.1 %.
• The data reached an all-time high of 22.2 % in Jun 2021 and a record low of -14.5 % in Mar 2009.

• In the latest reports, Nominal GDP of Turkey reached 257.9 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 99.1 % in Dec 2022.
• GDP Per Capita in Turkey reached 10,655.5 USD in Dec 2022.
• Its Gross Savings Rate was measured at 29.2 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 33.2 % in Dec 2022.
• Public Consumption accounted for 12.8 % in Dec 2022.
• Private Consumption accounted for 58.0 % in Dec 2022.

The ratio of the asset size of the Turkish banking sector to the country's gross domestic product (GDP) totaled 0.9 percent in 2023. In 2021, the ratio of the banking sector's total assets to GDP peaked at nearly 1.3 percent.

The market size of currency circulating in Turkey's economy made up less than four percent of the country's GDP, a decrease when compared to previous years. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.

In 2025, the United States had the largest economy in the world, with a gross domestic product of over 30 trillion U.S. dollars. China had the second largest economy, at around 19.23 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Russia's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.

Key information about Turkey Foreign Exchange Reserves

• Turkey Foreign Exchange Reserves was measured at 83.5 USD bn in Dec 2024, compared with 85.4 USD bn in the previous month
• Turkey Foreign Exchange Reserves: USD mn data is updated monthly, available from Apr 2000 to Dec 2024
• The data reached an all-time high of 112.6 USD bn in Nov 2013 and a record low of 16.5 USD bn in Jun 2001

• In the latest reports, Turkey Foreign Exchange Reserves equaled 2.9 Months of Import in Nov 2024.
• Its Money Supply M2 increased 491.2 USD bn YoY in Nov 2024.
• Turkey Domestic Credit reached 570.6 USD bn in Nov 2024, representing an increased of 37.5 % YoY.
• The country's Non Performing Loans Ratio stood at 1.8 % in Nov 2024, compared with the ratio of 1.8 % in the previous month.
• Household Debt of Turkey reached 10.0 % in Sep 2024, accounting for 10.0 % of the country's Nominal GDP.

The Report Covers Turkey Hospitality Market Statistics and Share, And It is Categorized by Type (Chain Hotels and Independent Hotels) and Segment (Service Apartments, Budget and Economy Hotels, Mid and Upper Mid-Scale Hotels, And Luxury Hotels). The Report Offers the Market Size of Hospitality in Turkey in Value Terms in USD for all the Abovementioned Segments.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

In the build up to the Second World War, the United States was the major power with the highest gross domestic product (GDP) per capita in the world. In 1938, the United States also had the highest overall GDP in the world, and by a significant margin, however differences in GDP per person were much smaller. Switzerland In terms of countries that played a notable economic role in the war, the neutral country of Switzerland had the highest GDP per capita in the world. A large part of this was due to the strength of Switzerland's financial system. Most major currencies abandoned the gold standard early in the Great Depression, however the Swiss Franc remained tied to it until late 1936. This meant that it was the most stable, freely convertible currency available as the world recovered from the Depression, and other major powers of the time sold large amounts of gold to Swiss banks in order to trade internationally. Switzerland was eventually surrounded on all sides by Axis territories and lived under the constant threat of invasion in the war's early years, however Swiss strategic military planning and economic leverage made an invasion potentially more expensive than it was worth. Switzerland maintained its neutrality throughout the war, trading with both sides, although its financial involvement in the Holocaust remains a point of controversy. Why look at GDP per capita? While overall GDP is a stronger indicator of a state's ability to fund its war effort, GDP per capita is more useful in giving context to a country's economic power in relation to its size and providing an insight into living standards and wealth distribution across societies. For example, Germany and the USSR had fairly similar GDPs in 1938, whereas Germany's per capita GDP was more than double that of the Soviet Union. Germany was much more industrialized and technologically advanced than the USSR, and its citizens generally had a greater quality of life. However these factors did not guarantee victory - the fact that the Soviet Union could better withstand the war of attrition and call upon its larger population to replenish its forces greatly contributed to its eventual victory over Germany in 1945.

With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 5.7 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.1 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

This statistic shows the projected top ten largest national economies in 2050. By 2050, China is forecasted to have a gross domestic product of over 58 trillion U.S. dollars.

The statistic shows the total population of Turkey from 2020 to 2024, with projections up until 2030. In 2024, the total population of Turkey amounted to about 86.03 million people. Population of Turkey Although total population increased on a yearly basis from 2004 to 2014, population growth has slowly decreased annually as of 2011, despite remaining positive. However, in 2012, population growth increased, compared to the previous year for the first time in over a decade. The country’s fertility rate, on the other hand, continued to drop annually since 2002. Life expectancy was also rather low, however this value appears to be irrelative to how developed a country actually is, especially when considering the life expectancy of many other advanced countries. From an economic standpoint, Turkey has been noticeably improving, especially in comparison to 2008. One improved aspect can be found in the country’s employment rate. In 2009, unemployment reached a decade high but dropped dramatically yearly until 2012. However since 2012, the unemployment rate has started to increase again, with this trend continuing into 2014. Turkey’s inflation rate, on the other hand, reached a decade low in 2014 compared to 2013, despite continuous fluctuations since 2008. The country’s GDP has also reached a decade high in 2014, more than doubling its value since 2004, despite a significant plunge in 2009. When analyzing year-over -year trends, GDP has continued to positively grow since 2009, however has slowed down since 2012.

The growth of the real gross domestic product (GDP) in Albania stands at approximately 3.79 percent in 2025.Fluctuating rise between 1980 and 2025A total increase by approximately 1.11 percentage points can be observed between 1980 and 2025. The data emphasizes however that this increase did not happen continuously.Fluctuating decline between 2025 and 2030The growth will amount to about 3.48 percent in 2030, according to forecasts. From 2025 onwards, there is an overall decrease by approximately 0.31 percentage points.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

In 2024, Russia had the largest population among European countries at 144.8 million people. The next largest countries in terms of their population size were Turkey at 87.5 million, Germany at 84.5 million, the United Kingdom at 69.1 million, and France at 66.5 million. Europe is also home to some of the world’s smallest countries, such as the microstates of Liechtenstein and San Marino, with populations of 39,870 and 33,581 respectively. Europe’s largest economies Germany was Europe’s largest economy in 2023, with a Gross Domestic Product of around 4.2 trillion Euros, while the UK and France are the second and third largest economies, at 3.2 trillion and 2.8 trillion euros respectively. Prior to the mid-2000s, Europe’s fourth-largest economy, Italy, had an economy that was of a similar sized to France and the UK, before diverging growth patterns saw the UK and France become far larger economies than Italy. Moscow and Istanbul the megacities of Europe Two cities on the eastern borders of Europe were Europe’s largest in 2023. The Turkish city of Istanbul, with a population of 15.8 million, and the Russian capital, Moscow, with a population of 12.7 million. Istanbul is arguably the world’s most famous transcontinental city with territory in both Europe and Asia and has been an important center for commerce and culture for over two thousand years. Paris was the third largest European city with a population of 11 million, with London being the fourth largest at 9.6 million.

Greek defense spending is consistently one of the highest in the European Union, both in absolute value, as well as in its size in relation to Greek GDP. Greece is a geopolitically important country, finding itself at the crossing point from Europe to West Asia, with its relationship with its neighbor Turkey often being fraught, in spite of both being members of NATO.

The two countries are particularly in dispute over the status of Cyprus, which is an independent country and EU member, but which Turkey occupies a significant part of since its invasion in 1974. Greece has invested in its military in recent years in order to retain its status as a military power in the Mediterranean, as well as to deal with policing its island territories, which are a key crossing point for people seeking refuge in Europe from West Asia and North Africa.

At 7.99 U.S. dollars, Switzerland has the most expensive Big Macs in the world, according to the January 2025 Big Mac index. Concurrently, the cost of a Big Mac was 5.79 dollars in the U.S., and 5.95 U.S. dollars in the Euro area. What is the Big Mac index? The Big Mac index, published by The Economist, is a novel way of measuring whether the market exchange rates for different countries’ currencies are overvalued or undervalued. It does this by measuring each currency against a common standard – the Big Mac hamburger sold by McDonald’s restaurants all over the world. Twice a year the Economist converts the average national price of a Big Mac into U.S. dollars using the exchange rate at that point in time. As a Big Mac is a completely standardized product across the world, the argument goes that it should have the same relative cost in every country. Differences in the cost of a Big Mac expressed as U.S. dollars therefore reflect differences in the purchasing power of each currency. Is the Big Mac index a good measure of purchasing power parity? Purchasing power parity (PPP) is the idea that items should cost the same in different countries, based on the exchange rate at that time. This relationship does not hold in practice. Factors like tax rates, wage regulations, whether components need to be imported, and the level of market competition all contribute to price variations between countries. The Big Mac index does measure this basic point – that one U.S. dollar can buy more in some countries than others. There are more accurate ways to measure differences in PPP though, which convert a larger range of products into their dollar price. Adjusting for PPP can have a massive effect on how we understand a country’s economy. The country with the largest GDP adjusted for PPP is China, but when looking at the unadjusted GDP of different countries, the U.S. has the largest economy.