Economy of Turkey
An overview of key economic indicators. Select a category for detailed trends, charts, and insights.
Explore Economic Domains
Growth & Output
Trade & Finance
Labor & Income
Energy & Environment
Economic Snapshot Overview
A summary of key economic indicators for Turkey
- The economic architecture of Turkey is substantial, anchored by a Gross Domestic Product (GDP) of approximately $1.12T2023. 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 $13.11K2023, while its GDP in Purchasing Power Parity (PPP) terms is estimated at $3.61T, reflecting the population's domestic purchasing power. The economy is experiencing robust expansion, with a high growth rate of 5.1%2023, but this is challenged by high inflation, with the Consumer Price Index (CPI) at 58.5%2024.
- On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 31.9% of GDP and imports at 34.4%2023. Foreign Direct Investment (FDI) inflows are significant, constituting 0.98% of the economy2023. This performance positions the country 126th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $1.03B annually2023, highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 18.5% of GDP2023.
- The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $11,7302023. Globally, this ranks the nation 68th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 8.4%2024. The services sector is a primary driver of the labor market, accounting for 57.8% of total employment2023. Poverty remains a key issue, with 13.9% of the population living below the national poverty line2022. There is a moderate level of income inequality, with a Gini index of 44.52022.
- On the environment and energy front, energy consumption per capita is 1,852.749 kg of oil equivalent2023. The energy mix is still heavily reliant on traditional sources, with renewables contributing 12.0%2021. Its commitment to clean energy places it 58th among 190 countries for its share of renewable energy consumption.
Key Economic Insights
Macroeconomic Health
Runaway inflation is the most pressing economic threat, eroding purchasing power and creating instability.
Trade & Investment Profile
The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.
Social Equity & Distribution
Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.
Energy & Sustainability
Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.
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.