Countries
Turkey
Key Economic Indicators
$3.9 trillion
$45,639
3.33%
58.51%
8.52%
$1.323 trillion (2024 est.)
27 % of GDP
$-10,193,000,000
Economic Overview
<p>upper-middle-income, diversified Middle Eastern economy; industrializing economy that maintains large agricultural base; key energy, tourism, and construction sectors; high inflation, interest rates, and foreign debt pose risk to financial stability</p>
All Economic Data
Agricultural products
sugar beets, wheat, milk, tomatoes, barley, maize, potatoes, apples, grapes, watermelons (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
2.3% of household expenditures (2023 est.)
On food:
22.8% of household expenditures (2023 est.)
Budget
Expenditures:
$382.998 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$330.21 billion (2023 est.)
Currency
code:
TRY
name:
Turkish lira (TRY) [₺]
Current account balance
$-10,193,000,000
Current account balance 2022:
-$46.283 billion (2022 est.)
Current account balance 2023:
-$39.877 billion (2023 est.)
Current account balance 2024:
-$9.973 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$514.99 billion
Debt - external 2023:
$149.654 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Turkish liras (TRY) per US dollar -
Exchange rates 2020:
7.009 (2020 est.)
Exchange rates 2021:
8.85 (2021 est.)
Exchange rates 2022:
16.549 (2022 est.)
Exchange rates 2023:
23.739 (2023 est.)
Exchange rates 2024:
32.806 (2024 est.)
Exports
$374.69 billion
Exports 2022:
$346.602 billion (2022 est.)
Exports 2023:
$357.588 billion (2023 est.)
Exports 2024:
$372.756 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
garments, cars, gold, refined petroleum, vehicle parts/accessories (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Germany 9%, USA 6%, UK 6%, UAE 5%, Iraq 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$11.7 billion
GDP - composition, by end use
Exports of goods and services:
28% (2024 est.)
Government consumption:
14.7% (2024 est.)
Household consumption:
59.4% (2024 est.)
Imports of goods and services:
-27.8% (2024 est.)
Investment in fixed capital:
31% (2024 est.)
Investment in inventories:
-5.5% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
5.6% (2024 est.)
Industry:
25.9% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
56.8% (2024 est.)
GDP (official exchange rate)
$1.323 trillion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$15,893
Gini Index coefficient - distribution of family income
41.9 (2019)
Gini Index coefficient - distribution of family income 2022:
44.5 (2022 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$1.34 trillion
GNI per capita
$13,460
Gross domestic investment
31 % of GDP
Household income or consumption by percentage share
Highest 10%:
35.2% (2022 est.)
Lowest 10%:
2.1% (2022 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$367.38 billion
Imports 2022:
$383.7 billion (2022 est.)
Imports 2023:
$386.602 billion (2023 est.)
Imports 2024:
$367.022 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
gold, refined petroleum, cars, plastics, natural gas (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 13%, Russia 9%, Germany 9%, Switzerland 6%, USA 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Inflation rate (consumer prices)
58.51%
Inflation rate (consumer prices) 2022:
72.3% (2022 est.)
Inflation rate (consumer prices) 2023:
53.9% (2023 est.)
Inflation rate (consumer prices) 2024:
58.5% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
36.081 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
36.82 million persons
Labor force - by occupation
agriculture:
14.22%
industry:
27.29%
services:
58.49%
Population below poverty line
13.9% (2022 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
27 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
33.1% of GDP (2023 est.)
Real GDP (purchasing power parity)
$3.9 trillion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$2.783 trillion (2022 est.)
Real GDP (purchasing power parity) 2023:
$2.925 trillion (2023 est.)
Real GDP (purchasing power parity) 2024:
$3.018 trillion (2024 est.)
Real GDP growth rate
3.33%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.5% (2022 est.)
Real GDP growth rate 2023:
5.1% (2023 est.)
Real GDP growth rate 2024:
3.2% (2024 est.)
Real GDP per capita
$45,639
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$32,700 (2022 est.)
Real GDP per capita 2023:
$34,300 (2023 est.)
Real GDP per capita 2024:
$35,300 (2024 est.)
Remittances
$982 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.1% of GDP (2022 est.)
Remittances 2023:
0.1% of GDP (2023 est.)
Remittances 2024:
0.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$154.77 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$128.735 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$140.868 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$154.774 billion (2024 est.)
Revenue (excl grants)
31 % of GDP
Tax revenue
18 % of GDP
Taxes and other revenues
18.5% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
8.52%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
10.5% (2022 est.)
Unemployment rate 2023:
9.4% (2023 est.)
Unemployment rate 2024:
8.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
21.2% (2024 est.)
Male:
12.4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
15.6% (2024 est.)
Economic Rankings
External Debt
#5
Inflation Rate
#9
GDP (PPP)
#11
GDP (Nominal)
#17
Reserves
#21
Imports
#22
Exports
#25
Gini Index
#37
Unemployment Rate
#42
GDP per Capita
#49
GDP Growth Rate
#77
Quick Facts
Industries
textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Agricultural products
sugar beets, wheat, milk, tomatoes, barley, maize, potatoes, apples, grapes, watermelons (2023)
Labor force
36.081 million (2024 est.)
Exports - partners
Germany 9%, USA 6%, UK 6%, UAE 5%, Iraq 5% (2023)
Imports - partners
China 13%, Russia 9%, Germany 9%, Switzerland 6%, USA 5% (2023)
Exchange rates
Turkish liras (TRY) per US dollar -
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