Turkey - Economy
How is the economy of Turkey? Based on the information we have, Turkey has a upper middle-income, diversified Middle Eastern economy; heightened inflation and currency depreciation triggered by expansionary monetary and fiscal policy ahead of 2023 elections, now being reversed; industrializing economy that maintains large agricultural base. Key agricultural products in this country include: milk, wheat, sugar beets, tomatoes, barley, maize, potatoes, apples, grapes, watermelons (2022).
More about the economy of Turkey
| Labor force | 35.071 million (2023 est.) |
|---|---|
| Industrial production growth rate | 2.34% (2023 est.) |
| Industries | textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper |
| Population below poverty line | 14.4% (2020 est.) |
| Taxes and other revenues | 16.09% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Turkish liras (TRY) per US dollar - |
| Exchange rates 2023 | 23.739 (2023 est.) |
| Exchange rates 2022 | 16.549 (2022 est.) |
| Exchange rates 2021 | 8.85 (2021 est.) |
| Exchange rates 2020 | 7.009 (2020 est.) |
| Exchange rates 2019 | 5.674 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $133.882 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $140.858 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $123.735 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $109.535 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$44.961 billion (2023 est.) |
| Current account balance 2022 | -$45.799 billion (2022 est.) |
| Current account balance 2021 | -$6.433 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 35.25% of GDP (2022 est.) |
| Budget | |
| Revenues | $234.92 billion (2022 est.) |
| Expenditures | $269.146 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.08% of GDP (2023 est.) |
| Remittances 2022 | 0.08% of GDP (2022 est.) |
| Remittances 2021 | 0.09% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2% (2021 est.) |
| Highest 10% | 34.7% (2021 est.) |
| Average household expenditures | |
| On food | 25.4% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.3% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $386.828 billion (2023 est.) |
| Imports 2022 | $383.02 billion (2022 est.) |
| Imports 2021 | $284.019 billion (2021 est.) |
| Imports (partners) | China 13%, Germany 9%, Russia 8%, US 5%, Italy 5% (2022) |
| Comodities Imports force | gold, refined petroleum, plastics, scrap iron, cars (2022) |
| Exports | |
| Imports 2023 | $386.828 billion (2023 est.) |
| Imports 2022 | $383.02 billion (2022 est.) |
| Imports 2021 | $284.019 billion (2021 est.) |
| Exports (partners) | Germany 8%, US 7%, Iraq 5%, UK 5%, Italy 5% (2022) |
| Comodities Exports force | garments, refined petroleum, cars, jewelry, plastic products (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $2.936 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $2.81 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $2.662 trillion (2021 est.) |
| GDP (official exchange rate) | $1.108 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $34,400 (2023 est.) |
| Real GDP per capita 2022 | $33,100 (2022 est.) |
| Real GDP per capita 2021 | $31,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.2% (2023 est.) |
| Industry | 28.3% (2023 est.) |
| Services | 54% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.4% (2023 est.) |
| Government consumption | 13.6% (2023 est.) |
| Investment in fixed capital | 32.4% (2023 est.) |
| Investment in inventories | -3% (2023 est.) |
| Exports of goods and services | 32.3% (2023 est.) |
| Imports of goods and services | -34.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 9.41% (2023 est.) |
| Unemployment rate 2022 | 10.43% (2022 est.) |
| Unemployment rate 2021 | 11.97% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 17.6% (2023 est.) |
| Male | 14.8% (2023 est.) |
| Female | 22.9% (2023 est.) |
All Important Facts about Turkey
Want to know more about Turkey? Check all different factbooks for Turkey below.
