The economic architecture of Turkey is substantial, anchored by a Gross Domestic Product (GDP) of approximately $1.12T
2023
. This places it as the 18th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $13.11K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $3.61T, offering a clearer picture of the population's domestic purchasing power. The economy is experiencing a period of vigorous expansion, with a high growth rate of 5.1%
2023
, though this rapid growth is shadowed by high inflation, with the Consumer Price Index (CPI) reaching 58.5%, suggesting the economy may be overheating.
2024
On the global stage, Turkey's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country exhibits a balanced trade profile, with exports making up 31.9% of GDP and imports 34.4%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 0.98% of the economy
2023
. This performance positions the country 126th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $1.03B annually
2023
. Fiscal capacity is adequate, with tax collections representing 18.5% of GDP, supporting core state functions.
2023
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $11,730
2023
, ranking the nation 68th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The country confronts significant labor market challenges, evidenced by a high unemployment rate of 8.4%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 57.8% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 13.9% of the population living below the national poverty line
2022
. The nation exhibits a moderate degree of income inequality, with a Gini index of 44.5.
2022
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 1,852.749 kg of oil equivalent
2023
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 12.0%
2021
. This commitment places it 58th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 606.43K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Rampant inflation is the most urgent economic threat, eroding purchasing power, destabilizing markets, and complicating policy choices.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.