Browse a full set of economic indicators

Turkey

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Turkey economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Turkey best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Ankara

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of the Republic of Turkey
Currency Turkish liras (TRY)
International Reserves USD 93.51 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product – GDP USD 795.95 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (Purchasing Power Parity) USD 2,873.84 billion (2021 estimate)
IMF – World Economic Outlook, October 2021

GDP Data

Real GDP growth 2017 7.5%
2018 3%
2019 0.9%
2020 1.8%
2021* 9%

*Estimate
GDP per capita – current prices USD 9,406.58 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP per capita – PPP USD 33,963.10 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (PPP) – share of world total 1.99% (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP – composition by sector agriculture: 6.6%
industry: 27.8%
services: 54.6%
(2020 estimate)
Gross domestic expenditure on R&D; (% of GDP) 1.1% (2019)
Inflation 2017 11.1%
2018 16.3%
2019 15.2%
2020 12.3%
2021* 17%

*Estimate

Inflation & Debt

Inflation 2017 11.1%
2018 16.3%
2019 15.2%
2020 12.3%
2021* 17%

*Estimate
Government Bond Ratings Standard & Poor’s: B+

Moody’s: B2

Standard & Poor’s / Moody’s (January 2022)
Unemployment rate 2017 10.9%
2018 10.9%
2019 13.7%
2020 13.1%
2021* 12.2%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2017 28%
2018 30.2%
2019 32.7%
2020 39.8%
2021* 37.8%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2017 – 0.9%
2018 –2.2%
2019 –3.6%
2020* -3.4%
2021* -2.4%

*Estimate
Market value of publicly traded shares USD 237.5 billion (2020)
World Bank / Market capitalization
Largest Companies Koç Holding, Isbank, VakifBank, Garanti Bank, Sabanci Holding, Halkbank, Akbank, Ford Otosan, Turkish Airlines
Forbes Global 2000 (2021)

Import/Export

Exports as percent of GDP (Exports of goods and services) 28.7% (2020)
World Bank – World Development Indicators (updated Feb 2022)
Shares in world total merchandising export 0.96% (2020)

Shares in world total commercial services export 0.7% (2020)
Total exports USD 203.3 billion (2020 estimate)
Export commodities Cars and vehicle parts, refined petroleum, delivery trucks, jewelry, clothing and apparel (2019)
Total imports USD 232 billion (2020 estimate)
Import commodities Gold, refined petroleum, crude petroleum, vehicle parts, scrap iron (2019)
Exports – major partners Germany 9%, United Kingdom 6%, Iraq 5%, Italy 5%, United States 5% (2019)
Imports – major partners Germany 11%, China 9%, Russia 9%, United States 5%, Italy 5% (2019)

Competitiveness & Trade

Current account balance USD -19.2 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
Current account balance by percentage of GDP 2.4% (2021 estimate)
IMF – World Economic Outlook, October 2021
FDI inflows 2019 USD 12.8 billion
2020 USD 9.3 billion
2021 USD 7.8 billion
FDI Outflows 2019 USD 3.6 billion
2020 USD 3.0 billion
2021 USD 3.2 billion
Value of cross-border M&A, by country of purchaser 2015 USD –164 million
2016 USD –736 million
2017 USD –726 million
2020 USD -13 million
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 33 out of 190 countries (2020)

Subcategories:

Starting a Business: 77 out of 190 countries
Dealing with Construction Permits: 53 out of 190 countries
Getting Electricity: 41 out of 190 countries
Registering Property: 27 out of 190 countries
Getting Credit: 37 out of 190 countries
Protecting Minority Investors: 21 out of 190 countries
Paying Taxes: 26 out of 190 countries
Trading across Borders: 44 out of 190 countries
Enforcing Contracts: 24 out of 190 countries
Resolving Insolvency: 120 out of 190 countries
World Bank – Doing Business 2020
Global competitiveness ranking 115 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 107 / Score: 56.9 (Mostly Unfree)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 783,562 sq km

Total Population 1990 53.9 Million
2000 63.2 Million
2010 72.3 Million
2015 78.5 Million
2020 84.3 Million
Urban population as % of total population 1960 31.5%
1980 43.8%
2000 64.7%
2020 76.1%
Population median age 31.4 years (2016 estimat
Population growth rate 0.49% (2018 estimate)
Life expectancy 75.3 years (2016 estimate)
% of population living on less than $3.10 a day 1.8% (2016)
Inequality of wealth distribution (Gini index) 41.9 (2016)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Political Rights: 5
Civil Liberties: 6 (2019)

(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed 14.1% Mobile 97.3% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 71.04% (2018)

Language & Religon

Languages Turkish (official), Kurdish, other minority languages
Literacy Total population: 96.2%
Male: 98.8%
Female: 93.6% (2016 est.)

(age 15 and over can read and write)
Religions Muslim 99.8% (mostly Sunni), other 0.2% (mostly Christians and Jews)

World Rankings

Population 84.3 million
Mercer Cost of living index Istanbul: 154th (2019)
C02 Emissions per capita 4.48 (2014)

Global Finance Rankings & Awards: Turkey

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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