The Gross Domestic Product (GDP) in Turkey expanded 2 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - Turkey GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Gross Domestic Product (GDP) in Turkey expanded 1 percent in the first quarter of 2025 over the previous quarter. This dataset provides the latest reported value for - Turkey GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

Full Year GDP Growth in Turkey decreased to 3.20 percent in 2024 from 5.10 percent in 2023. This dataset includes a chart with historical data for Turkey Full Year GDP Growth.

Turkey TR: GDP: Growth: Gross Value Added: Services data was reported at 3.155 % in 2016. This records a decrease from the previous number of 5.618 % for 2015. Turkey TR: GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 5.790 % from Dec 1969 (Median) to 2016, with 48 observations. The data reached an all-time high of 13.183 % in 1987 and a record low of -4.340 % in 1994. Turkey TR: GDP: Growth: Gross Value Added: Services 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: Gross Domestic Product: Annual Growth Rate. Annual growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. 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 industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Turkey: Economic growth forecast: The latest value from 2030 is 4.1 percent, an increase from 3.86 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for Turkey from 1980 to 2030 is 4.5 percent. The minimum value, -5.75 percent, was reached in 2001 while the maximum of 11.44 percent was recorded in 2021.

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.

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.

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.

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.

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

Economic growth, quarterly in Turkey, March, 2025 The most recent value is 1 percent as of Q1 2025, a decline compared to the previous value of 1.7 percent. Historically, the average for Turkey from Q2 1998 to Q1 2025 is 1.14 percent. The minimum of -10.7 percent was recorded in Q2 2020, while the maximum of 16.4 percent was reached in Q3 2020. | TheGlobalEconomy.com

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.

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

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 Gross Domestic Product per capita in Turkey was last recorded at 15147.84 US dollars in 2024. The GDP per Capita in Turkey is equivalent to 120 percent of the world's average. This dataset provides the latest reported value for - Turkey GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Turkey TR: GDP: Growth data was reported at 7.419 % in 2017. This records an increase from the previous number of 3.184 % for 2016. Turkey TR: GDP: Growth data is updated yearly, averaging 5.459 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 11.213 % in 1966 and a record low of -5.962 % in 2001. Turkey TR: GDP: Growth 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 GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Turkey: Uneven economic development index, 0 (low) - 10 (high): The latest value from 2024 is 7.1 index points, an increase from 6.6 index points in 2023. In comparison, the world average is 5.28 index points, based on data from 176 countries. Historically, the average for Turkey from 2007 to 2024 is 6.5 index points. The minimum value, 4.6 index points, was reached in 2022 while the maximum of 8.7 index points was recorded in 2007.

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.

The statistic shows the average inflation rate in Turkey from 1987 to 2024, with projections up until 2030. In 2024, the average inflation rate in Turkey was at around 58.51 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.