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.

Economy of Turkey
Levent business district in Istanbul
CurrencyTurkish lira (TRY, )
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
  • $1.154 trillion (Nominal, 2023)
  • $3.613 trillion (PPP, 2023)
GDP rank
GDP growth
  • 5.5% (2022)
  • 4.0% (2023)
GDP per capita
  • $13,383 (Nominal; 2023)
  • $41,887 (PPP; 2023)
GDP per capita rank
GDP by sector
64,8% (2023)
Population below poverty line
14.4% at 50% of the median equivalised income (2022)
42.6 medium (2021)
Labour force
  • 34,796,000 (2023)
  • 48,5% employment rate (October 2023)
  • about 3.2 million Turks work abroad
Labour force by occupation
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
External
Exports $255.8 billion (2023)
Export goods
Main export partners
Imports $361.8 billion (2023)
Import goods
Main import partners
FDI stock
  • $180.3 billion (31 December 2017 est.)
  • Abroad: $47.44 billion (31 December 2017 est.)
−1.74% of GDP (2021)
$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 aiddonor: $8.399 billion, 0.79% of GNI (2018)

  • Moody's:
  • B3
  • Outlook: Stable (October 2023)

  • Fitch:
  • B
  • Outlook: Stable (September 2023)

  • Scope:
  • B-
  • Outlook: Stable (January 2024)
$137 billion (2024) (22nd)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

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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