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 |
Turkey
Economics, Policy & Regulation
Turkey Mints First Female Central Bank Governor
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Turkey: The Declining Lira
Capital Raising & Corporate Finance
Turkish Lira’s Loss Becomes BBVA’s GainInflation & 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