Turkey - Economy
How is the economy of Turkey? Based on the information we have, Turkey has a
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
. Key agricultural products in this country include: sugar beets, wheat, milk, tomatoes, barley, maize, potatoes, apples, grapes, watermelons (2023).More about the economy of Turkey
| Labor force | 36.084 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.52% (2023 est.) |
| Industries | textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper |
| Population below poverty line | 14.4% (2021 est.) |
| Taxes and other revenues | 18.5% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Turkish liras (TRY) per US dollar - |
| Exchange rates 2024 | 32.806 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $149.654 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $90.859 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $140.868 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $128.735 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$9.973 billion (2024 est.) |
| Current account balance 2023 | -$39.877 billion (2023 est.) |
| Current account balance 2022 | -$46.283 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 33.1% of GDP (2023 est.) |
| Budget | |
| Revenues | $234.92 billion (2022 est.) |
| Expenditures | $269.146 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.09% 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 | 22.8% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2.3% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $367.022 billion (2024 est.) |
| Imports 2023 | $386.602 billion (2023 est.) |
| Imports 2022 | $383.7 billion (2022 est.) |
| Imports (partners) | China 13%, Russia 9%, Germany 9%, Switzerland 6%, USA 5% (2023) |
| Comodities Imports force | gold, refined petroleum, cars, plastics, natural gas (2023) |
| Exports | |
| Imports 2024 | $367.022 billion (2024 est.) |
| Imports 2023 | $386.602 billion (2023 est.) |
| Imports 2022 | $383.7 billion (2022 est.) |
| Exports (partners) | Germany 9%, USA 6%, UK 6%, UAE 5%, Iraq 5% (2023) |
| Comodities Exports force | garments, cars, gold, refined petroleum, vehicle parts/accessories (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $2.953 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) | $1.118 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $34,600 (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 | 28.4% (2023 est.) |
| Services | 54.1% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.4% (2023 est.) |
| Government consumption | 13.1% (2023 est.) |
| Investment in fixed capital | 31.9% (2023 est.) |
| Investment in inventories | -1.9% (2023 est.) |
| Exports of goods and services | 31.9% (2023 est.) |
| Imports of goods and services | -34.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 8.4% (2024 est.) |
| Unemployment rate 2023 | 9.4% (2023 est.) |
| Unemployment rate 2022 | 10.5% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.6% (2024 est.) |
| Male | 12.4% (2024 est.) |
| Female | 21.2% (2024 est.) |
All Important Facts about Turkey
Want to know more about Turkey? Check all different factbooks for Turkey below.
