Economy of Turkey
Turkey is a founding member of the OECD and G20. The country's economy ranked as the 17th-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. Turkey has often been defined as a newly industrialized country since the turn of the 21st century. The country is the fourth most visited destination in the world, and has over 1,500 R&D centres established both by multinational and national firms. 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, ₺) |
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Calendar year | |
Trade organisations | G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS, D-8 and others |
Country group | |
Statistics | |
Population | 85,279,553 (2023) |
GDP | |
GDP rank | |
GDP growth |
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GDP per capita |
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GDP per capita rank | |
GDP by sector |
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64,8% (2023) | |
Population below poverty line | 14.4% at 50% of the median equivalised income (2022) |
42.6 medium (2021) | |
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Labour force |
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Labour force by occupation |
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Unemployment |
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Average gross salary | 35,650 TRY (per month, 2024) |
Main industries | |
External | |
Exports | $255.8 billion (2023) |
Export goods | |
Main export partners |
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Imports | $361.8 billion (2023) |
Import goods | |
Main import partners |
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FDI stock |
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−1.74% of GDP (2021) | |
Gross external debt | $311 billion (2024) (24th) |
Public finances | |
34.4% of GDP (2023) | |
−5.4% (of GDP) (2023) | |
Revenues | $210.5 billion (2020 est.) |
Expenses | $249.2 billion (2020 est.) |
Economic aid | donor: $8.399 billion, 0.79% of GNI (2018) |
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$137 billion (2024) (22nd) | |
Economy of Turkey |
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Turkey portal |
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. Despite the declining value of the Turkish lira, especially during the ongoing Turkish currency and debt crisis, there has been a sharp increase in the country's USD-based GDP figures in recent years. However, high inflation continues to be a problem in the early 2020s.