Turkey GDP per Capita: Overview and Outlook
Current GDP per Capita
Turkey's GDP per capita has seen a remarkable rise in U.S. dollar terms, currently standing at USD 15,450.08. This figure, however, reflects a period of highly unconventional and volatile economic policy.
Historical Changes in Turkey's GDP per Capita
Turkey's economy underwent a major transformation after a severe financial crisis in 2001. With IMF backing, it implemented orthodox economic policies that tamed inflation and ushered in a decade-long economic boom. From 2002 to the early 2010s, nominal GDP per capita quadrupled, and the country was lauded as a star emerging market.
However, from around 2013 onwards, and particularly after 2018, economic policy became increasingly erratic and unorthodox. The government began to prioritize growth at all costs, leaning on credit booms and pressuring the central bank to keep interest rates low, even in the face of rising inflation. This culminated in a full-blown currency crisis in 2021-2022 as the central bank, under political pressure, cut rates while inflation soared to nearly 90%. The collapse of the lira in the last decade has weighed on nominal GDP per capita (which is measured in USD terms), even as the underlying economy continued to grow.
GDP per Capita Predictions for the Coming Years
Per capita nominal GDP should rise at a robust rate in the coming years. This will be partly due to robust underlying real GDP growth of over 3% a year, and partly a result of rapidly rising price levels in the economy. However, the continual weakening of the lira vs the USD will tame the increase.
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Key Factors to Watch
The forecast for Turkey is partly contingent on the success and political durability of its recent return to orthodox economic policy. This could restore the confidence of international investors, who are crucial for financing Turkey's economy, and boost real GDP growth. However, the impact on nominal GDP is more ambiguous, as a key plank of the orthodox policy is taming price rises in the economy—which have in the past contributed to higher nominal GDP.
Turkey GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Turkey from 2014 to 2024.
Source: Macrobond.
Turkey GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 8,619 | 9,670 | 10,645 | 13,069 | 15,450 |
| GDP per capita (EUR) | 7,560 | 8,180 | 10,127 | 12,088 | 14,282 |
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