Economy of Turkey

Economy of Turkey
	Levent business district in Istanbul
Currency	Turkish lira (TRY, ₺)
Fiscal year	Calendar year
Trade organisations	G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS, D-8 and others
Country group	Emerging market; Newly industrialized country;
Statistics
Population	85,279,553 (2023)
GDP	$1.154 trillion (Nominal, 2023); $3.613 trillion (PPP, 2023);
GDP rank	17th (Nominal, 2023); 11th (PPP, 2023);
GDP growth	5.5% (2022); 4.0% (2023) ;
GDP per capita	$13,383 (Nominal; 2023); $41,887 (PPP; 2023);
GDP per capita rank	65th (Nominal; 2023); 47th (PPP; 2023);
GDP by sector	Manufacturing: 22.1%; Wholesale and retail trade: 13.5%; Transport and storage: 10.0%; Agriculture, forestry and fishing: 6.5%; Construction: 4.9%; (2022);
Inflation (CPI)	64,8% (2023)
Population below poverty line	14.4% at 50% of the median equivalised income (2022)
Gini coefficient	42.6 medium (2021)
Human Development Index	0.838 very high (2021) (48th); 0.717 high IHDI (48th) (2021);
Labour force	34,796,000 (2023); 48,5% employment rate (October 2023); about 3.2 million Turks work abroad;
Labour force by occupation	Agriculture, forestry and fishing:14.8%; Secondary sector: Industry: 20.8%; Secondary sector: Construction: 6.4%; Services: 58.0%; (2023);
Unemployment	8.5% (2023); 16.3% youth unemployment rate (15 to 24 year-olds; October 2023);
Average gross salary	35,650 TRY (per month, 2024)
Main industries	Machinery; tourism; textile; electronics; construction; shipbuilding; autos; mining; steel; iron; copper; boron; defence; petroleum; food processing; cotton;
External
Exports	$255.8 billion (2023)
Export goods	Transport equipment; machinery; metal manufactures; apparel; electronics; foodstuff; textile; plastic; ;
Main export partners	Germany 8.3%; United States 5.8%; Iraq 5.0%; United Kingdom 4.9%; Italy 4.8%; Russia 4.3%; France 4.0%; Spain 3.8%; United Arab Emirates 3.4%; Netherlands 3.1%; (2023);
Imports	$361.8 billion (2023)
Import goods	Fuels; machinery; chemicals; semi-finished goods; transport equipment;
Main import partners	Russia 12.6%; China 12.4%; Germany 7.9%; Switzerland 5.5%; United States 4.4%; Italy 4.1%; France 3.2%; United Arab Emirates 3.2%; Spain 2.6%; South Korea 2.6%; (2023);
FDI stock	$180.3 billion (31 December 2017 est.); Abroad: $47.44 billion (31 December 2017 est.);
Current account	−1.74% of GDP (2021)
Gross external debt	$311 billion (2024) (24th)
Public finances
Government debt	34.4% of GDP (2023)
Budget balance	−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)
Credit rating	Standard & Poor's:; B; Outlook: Positive (November 2023); Moody's:; B3; Outlook: Stable (October 2023); Fitch:; B; Outlook: Stable (September 2023); Scope:; B-; Outlook: Stable (January 2024);
Foreign reserves	$137 billion (2024) (22nd)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

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.

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.

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