Economy of Turkey
From Wikipedia, the free encyclopedia
Turkey is a founding member of the OECD and G20. The country's economy ranked as the 18th-largest in the world and 7th-largest in Europe by nominal GDP in 2023. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2023. According to the IMF, as of 2022, Turkey had an upper-middle income, mixed-market, emerging economy.[30] Turkey has often been defined as a newly industrialized country since the turn of the 21st century.[31][32][33] The country is the fourth most visited destination in the world,[34] and has over 1,500 R&D centres established both by multinational and national firms.[35] Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances.
Currency | Turkish lira (TRY, ₺) |
---|---|
Calendar year[1] | |
Trade organisations | G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS and others |
Country group | |
Statistics | |
Population | 85,279,553 (2023)[4] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
64.86% (2023)[6] | |
Population below poverty line | 14.4% at 50% of the median equivalised income (2022)[7] |
42.6 medium (2021)[8] | |
| |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | 35,650 TRY (per month, 2024)[13] |
Main industries | |
External | |
Exports | $255.8 billion (2023)[14] |
Export goods | |
Main export partners |
|
Imports | $361.8 billion (2023)[16] |
Import goods | |
Main import partners |
|
FDI stock | |
−1.74% of GDP (2021)[18] | |
Gross external debt | $476 billion (2023) (24th)[19] |
Public finances | |
34.4% of GDP (2023)[4] | |
−5.4% (of GDP) (2023) [20] | |
Revenues | $210.5 billion (2020 est.)[1] |
Expenses | $249.2 billion (2020 est.)[1] |
Economic aid | donor: $8.399 billion, 0.79% of GNI (2018)[21][22] |
$137 billion (2024) (22nd)[27] | |
Over the past 20 years, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000.[36] A period of strong economic growth between 2002 and 2013 (except for 2009)[37] was followed by a slowdown in growth in terms of USD-based nominal GDP figures between 2014 and 2020,[37] especially during the 2018 Turkish currency and debt crisis, although the growth sustained in these years as well in terms of nominal GDP.[37] Furthermore, there has been a steady recovery and a faster pace in growth in Turkey's GDP figures since 2021,[37] which have reached their all-time highest values by the end of 2023.[37][38] Growth-focused financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics[39][40]) have led to high inflation in recent years.[41]