Skyline at golden hour in Turkey

Turquía Economy

Turkey economic overview

Rapid recent growth:

Turkey, a transcontinental nation bridging Asia and Europe, boasts an economy with a GDP worth over USD 900 billion and a population of over 85 million. GDP growth in the decade to 2022 was rapid at above 5% annually, and Turkey was one of the few large economies in the world to continue expanding in 2020 despite the COVID-19 pandemic.

A diversified economy:

While services make up the largest share of the economy—with tourism services particularly key—Turkey also has a sizable manufacturing sector worth over 20% of GDP. Automobiles, textiles, refined oil and jewellery are important exports. Agriculture represents around 6% of GDP, with major products including grains, fruits and vegetables.

Trade relations:

Turkey entered a customs union with the European Union in 1995, though the union does not cover agricultural products. Further economic integration with the EU has been paralyzed for years due to fears in Western capitals about migration and the rule of law, and is like to remain so in the coming years.

Unorthodox economic policies:

In recent years, monetary policy has been extremely loose due to President Erdogan's preference for low interest rates. This has translated into a collapsing lira and some of the world's highest inflation rates, which have weighed on purchasing power and investor sentiment. That said, monetary policy has become more conventional since Erdogan's May 2023 election win, with interest rates more than quadrupling between May and December 2023.

Economic challenges:

Apart from extremely high inflation and a lack of confidence in the local currency, Turkey also suffers from rule of law concerns. The country has become more authoritarian in recent years, with political power tightly concentrated with the President. Moreover, a large and persistent current account deficit, low international reserves and large foreign currency liabilities mean there is a risk of a balance of payments crisis.

Turkey's economic outlook:

The country's rapid population growth, growing consumer market, strategic location between Europe and Asia, large tourism potential and a young and entrepreneurial population will support economic activity in the coming years, though concerns over institutions and the rule of law will cap momentum.

Turkey's economy in numbers:

Nominal GDP of USD 905 billion in 2022.

GDP per capita of USD 10,607 compared to the global average of USD 10,589.

Average real GDP growth of 5.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 63% of overall GDP, manufacturing 22%, other industrial activity 9%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 55% of GDP in 2021, government consumption 13%, fixed investment 32%, and net exports 0%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 77% of total merchandise exports, mineral fuels 4%, food 11%, ores and metals 5% and agricultural raw materials 1%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 60% of total merchandise imports, mineral fuels 6%, food 6%, ores and metals 10% and agricultural raw materials 3%, with other goods accounting for 15% of the total. Total exports were worth USD 253 billion in 2022, while total imports were USD 343 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 5.3% in the decade to 2022. To read more about GDP growth in Turkey, go to our dedicated page.

Fiscal policy:

Turkey's fiscal deficit averaged 1.8% of GDP in the decade to 2022. Find out more on our dedicated page.


The unemployment rate averaged 10.9% in the decade to 2022. For more information on Turkey's unemployment click here.


Inflation averaged 17.0% in the decade to 2022. Go to our Turkey inflation page for extra insight.

Monetary Policy:

Turkey's monetary policy rate ended 2022 at 9.00%, up from 5.50% a decade earlier. See our Turkey monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the lira weakened by 90.4% vs the U.S. dollar. For more info on the lira, click here.
Following a marked slowdown in Q3, our panelists expect the economy to have contracted slightly quarter on quarter in Q4. Industrial production fell month on month in October–November at a sharper rate than in Q3, and PMI data for the manufacturing sector hints at a further decline in December. Additionally, sharp monetary policy tightening should have weighed on spending and investment. Nonetheless, retail sales rebounded in sequential terms in October–November, suggesting that consumers’ budgets were somewhat resilient in the face of stubbornly elevated inflation. Economic sentiment and PMI data for January hints that activity remained subdued at the start of 2024. In other news, in mid-January, Moody’s upgraded the country’s outlook to positive while maintaining its ‘B3’ credit rating due to the country’s shift to orthodox monetary policy.
Projections out to 2033.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 42 expert analysts.

Want to get insight on the economic outlook for Turkey in the coming years? FocusEconomics collects projections out to 2033 on 48 economic indicators for Turkey from a panel of 42 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. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Turkey economy. To download a sample report on the Turkey's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Turquía Datos económicos

2018 2019 2020 2021 2022
Población (millones) 82.0 83.2 83.6 84.7 85.7
PIB (en millones de dólares) 776 759 719 813 904
PIB per cápita (USD) 9,462 9,124 8,594 9,599 10,554
PIB (en millones de euros) 658 678 630 688 860
PIB per cápita (EUR) 8,019 8,152 7,539 8,120 10,041
PIB (TRY bn) 3,759 4,312 5,048 7,249 15,007
Crecimiento económico (PIB nominal, var. anual) 19.9 14.7 17.1 43.6 107.0
Crecimiento económico (PIB, var. anual) 3.0 0.8 1.9 11.4 5.6
Demanda interna (% var. anual) -0.7 -1.5 7.5 6.5 5.2
Consumo privado (% var. anual) 0.5 1.5 3.2 15.3 19.7
Consumo público (var. anual) 6.5 3.8 2.5 2.6 5.2
Inversión fija (% var. anual) -0.2 -12.5 7.4 7.4 2.8
Exportaciones (G&S, % var. anual) 8.8 4.2 -14.4 24.9 9.1
Importaciones (G&S, % var. anual) -6.2 -5.0 6.7 2.4 7.9
Producción industrial (% var. anual) 1.1 -0.6 2.2 16.5 6.2
Ventas al por menor (variación anual en %) 1.5 -0.1 3.4 15.5 10.5
Desempleo (s.a. % de la población activa) 13.3 13.6 13.0 11.3 10.4
Desempleo (% de la población activa, aop) 10.9 13.7 13.1 12.0 10.5
Saldo fiscal (% del PIB) -1.9 -2.9 -3.5 -2.7 -
Deuda pública (% del PIB) 30.1 32.6 39.7 42.0 -
Dinero (var. anual de M2 %) 20.2 25.6 35.6 52.2 62.3
Inflación (IPC, % var. anual, eop) 20.3 11.8 14.6 36.1 64.3
Inflación (IPC, % var. anual, aop) 16.3 15.2 12.3 19.6 72.3
Inflación (Básica, var. anual %, eop) 19.5 9.8 14.3 31.9 51.9
Inflación (IPP, % var. anual, eop) 33.6 7.4 25.2 79.9 97.7
Tipo Repo a 1 semana (%, eop) 24.00 12.00 17.00 14.00 9.00
Rendimiento de los bonos a 10 años (%, eop) 15.83 12.00 12.51 23.05 9.87
Bolsa (var. anual de BIST %) -20.9 25.4 29.1 25.8 196.6
Tipo de cambio (TRY por USD, eop) 5.32 5.95 7.43 13.28 18.72
Tipo de cambio (TRY por USD, aop) 4.84 5.68 7.02 8.92 16.59
Tipo de cambio (TRY por EUR, eop) 6.08 6.68 9.09 15.10 19.98
Tipo de cambio (TRY por EUR, aop) 5.72 6.36 8.01 10.54 17.44
Balanza por cuenta corriente (en millones de dólares) -20.2 10.8 -31.9 -7.2 -48.7
Balanza por cuenta corriente (% del PIB) -2.6 1.4 -4.4 -0.9 -5.4
Balanza comercial de mercancías (en millones de USD) -40.7 -16.8 -37.9 -29.3 -89.7
Exportaciones de mercancías (en millones de dólares) 178.9 182.2 168.4 224.7 253.4
Importaciones de mercancías (en millones de dólares) 219.6 199.0 206.3 254.0 343.1
Exportaciones de mercancías (% var. anual) 5.7 1.8 -7.6 33.4 12.8
Importaciones de mercancías (% var. anual) -3.6 -9.4 3.7 23.1 35.1
Inversión extranjera directa (en millones de dólares) 12.6 9.6 7.8 12.5 -
Reservas internacionales (en millones de dólares) 73 79 50 73 83
Reservas internacionales (meses de importaciones) 4.0 4.7 2.9 3.4 2.9
Deuda externa (en millones de dólares) 426.5 415.4 432.5 442.5 -
Deuda externa (% del PIB) 55.0 54.8 60.2 54.4 -


  1. Is Turkey a powerful economy?

  2. Turkey has a large and relatively strong economy. It is classified as an upper-middle-income country by the World Bank and is a member of the G20 and the OECD. Turkey's economy is diversified, with strengths in manufacturing, agriculture, and tourism. However, it also faces challenges, including high inflation and external imbalances.

  3. What kind of economy does Turkey have?

  4. Turkey has a mixed economy with a blend of modern industry and commerce alongside traditional agriculture. It's characterized by a strong private sector, significant state involvement in key industries, and an emerging market status.

  5. What is the biggest contributor to Turkish GDP?

  6. The service sector is the biggest contributor to Turkish GDP, encompassing areas like tourism, banking, and retail. This sector is followed by industry, including manufacturing and construction, with agriculture also playing a notable role, though smaller in comparison to services and industry.

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