Skyline at golden hour in Turkey

Turkey GDP

Turkey GDP

Economic Growth in Turkey

Turkey's economy recorded an average growth rate of 4.8% in the decade to 2024, compared to the 2.8% average for South-Eastern Europe. In 2024, real GDP growth was 3.2%. For more GDP information, visit our dedicated page.

Turkey GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Turkey from 2023 to 2016.
Source: Macrobond.

Turkey GDP Data

2020 2021 2022 2023 2024
Economic Growth (GDP, ann. var. %) 1.8 11.8 5.4 5.0 3.3
GDP (USD bn) 732 834 924 1,138 1,357
GDP (EUR bn) 642 705 879 1,053 1,255
GDP (TRY bn) 5,142 7,434 15,326 27,091 44,587
Economic Growth (Nominal GDP, ann. var. %) 16.8 44.6 106.2 76.8 64.6

GDP growth hits two-year high in Q2

GDP growth exceeds expectations in Q2: GDP growth accelerated to 1.6% on a seasonally adjusted quarter-on-quarter basis in Q2, up from 0.7% in the first quarter, marking a two-year high and smashing market expectations of a slowdown. On an annual basis, economic growth improved to 4.8% in Q2, following the previous period's 2.3% expansion and marking the best result since Q1 2024 and also exceeding market expectations.

Inventories and investment drive the improvement: The improvement was driven by inventory accumulation and investment activity. Fixed investment bounced back, growing 2.4% in Q2, contrasting the 1.0% contraction in the prior quarter. Less positively, household spending shrank 0.7% in Q2, marking the steepest decline since Q2 2024 (Q1: -0.5% s.a. qoq). Moreover, government consumption contracted at a more pronounced rate of 4.4% in Q2 (Q1: +2.9% s.a. qoq). On the external front, exports of goods and services deteriorated, contracting 3.1% in Q2 (Q1: +3.0% s.a. qoq), hampered by heightened global trade turmoil. Conversely, imports of goods and services growth sped up to 3.4% in Q2 (Q1: +0.4% s.a. qoq).

Momentum to cool ahead: Our Consensus is for the economy to lose steam in H2. However, Q2’s upside surprise drove several panelists to upgrade their 2025 GDP growth projections, which are now seen near that of 2024. Still, economic momentum will remain soft by historical standards, tamed by elevated interest rates and inflation. Rising political instability at home and in the region is a downside risk.

Panelist insight: ING’s Muhammet Mercan commented: “This stronger-than-expected performance may prompt the central bank to adopt a more cautious approach to interest rate cuts. Given the resilience in domestic demand, we have raised our full-year GDP growth forecast for 2025 to 3.3%, up from the previous estimate of 2.7%.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Turkish GDP projections for the next ten years from a panel of 37 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Turkish GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Turkish GDP projections.

Want to get access to the full dataset of Turkish GDP forecasts? Send an email to info@focus-economics.com.

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Email Team Member Linkedin Team Member Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Fullscreen Line Chart Globe Download Share