Turkey (Turkiye) Economy - 2023

Economic overview

upper middle-income, diversified Middle Eastern economy; economic instability from 2016 attempted coup and 2018 currency recession; hit hard by COVID-19, increasing poverty and unemployment; endemic corruption; large agriculture labor force

Real GDP (purchasing power parity)

$2.668 trillion (2021 est.)

$2.396 trillion (2020 est.)

$2.35 trillion (2019 est.)

note: data are in 2017 dollars

comparison ranking

Real GDP growth rate

11.35% (2021 est.)

1.94% (2020 est.)

0.78% (2019 est.)

comparison ranking

Real GDP per capita

$31,500 (2021 est.)

$28,500 (2020 est.)

$28,200 (2019 est.)

note: data are in 2017 dollars

comparison ranking

GDP (official exchange rate)

$760.028 billion (2019 est.)

Inflation rate (consumer prices)

19.6% (2021 est.)

12.28% (2020 est.)

15.18% (2019 est.)

comparison ranking

Credit ratings

Fitch rating: BB- (2019)

Moody's rating: B2 (2020)

Standard & Poors rating: B+ (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.8% (2017 est.)

industry: 32.3% (2017 est.)

services: 60.7% (2017 est.)

GDP - composition, by end use

household consumption: 59.1% (2017 est.)

government consumption: 14.5% (2017 est.)

investment in fixed capital: 29.8% (2017 est.)

investment in inventories: 1.1% (2017 est.)

exports of goods and services: 24.9% (2017 est.)

imports of goods and services: -29.4% (2017 est.)

Agricultural products

milk, wheat, sugar beet, tomatoes, barley, maize, potatoes, grapes, watermelons, apples

Industries

textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper

Industrial production growth rate

12.46% (2021 est.)

comparison ranking

Labor force

32.554 million (2021 est.)

note: this number is for the domestic labor force only; number does not include about 1.2 million Turks working abroad, nor refugees

comparison ranking

Labor force - by occupation

agriculture: 18.4%

industry: 26.6%

services: 54.9% (2016)

Unemployment rate

13.39% (2021 est.)

13.11% (2020 est.)

13.67% (2019 est.)

comparison ranking

Youth unemployment rate (ages 15-24)

total: 24.3%

male: 21.4%

female: 29.9% (2021 est.)

comparison ranking

Population below poverty line

14.4% (2018 est.)

Gini Index coefficient - distribution of family income

41.9 (2019 est.)

comparison ranking

Average household expenditures

on food: 21.8% of household expenditures (2018 est.)

on alcohol and tobacco: 3.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 30.3% (2008)

Budget

revenues: $210.536 billion (2020 est.)

expenditures: $249.268 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1.5% (of GDP) (2017 est.)

comparison ranking

Public debt

41.97% of GDP (2020 est.)

34.13% of GDP (2019 est.)

29.41% of GDP (2018 est.)

comparison ranking

Taxes and other revenues

17.64% (of GDP) (2020 est.)

comparison ranking

Fiscal year

calendar year

Current account balance

-$13.693 billion (2021 est.)

-$35.537 billion (2020 est.)

$5.303 billion (2019 est.)

comparison ranking

Exports

$282.851 billion (2021 est.) note: data are in current year dollars

$203.816 billion (2020 est.) note: data are in current year dollars

$244.941 billion (2019 est.) note: data are in current year dollars

comparison ranking

Exports - partners

Germany 9%, United Kingdom 6%, Iraq 5%, Italy 5%, United States 5% (2019)

Exports - commodities

cars and vehicle parts, refined petroleum, delivery trucks, jewelry, clothing and apparel (2019)

Imports

$285.578 billion (2021 est.) note: data are in current year dollars

$230.141 billion (2020 est.) note: data are in current year dollars

$227.638 billion (2019 est.) note: data are in current year dollars

comparison ranking

Imports - partners

Germany 11%, China 9%, Russia 9%, United States 5%, Italy 5% (2019)

Imports - commodities

gold, refined petroleum, crude petroleum, vehicle parts, scrap iron (2019)

Reserves of foreign exchange and gold

$109.535 billion (31 December 2021 est.)

$93.512 billion (31 December 2020 est.)

$105.62 billion (31 December 2019 est.)

comparison ranking

Debt - external

$438.677 billion (2019 est.)

$454.251 billion (2018 est.)

comparison ranking

Exchange rates

Turkish liras (TRY) per US dollar -

8.85 (2021 est.)

7.009 (2020 est.)

5.674 (2019 est.)

4.828 (2018 est.)

3.648 (2017 est.)

NOTE: The information regarding Turkey (Turkiye) on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Turkey (Turkiye) 2023 information contained here. All suggestions for corrections of any errors about Turkey (Turkiye) 2023 should be addressed to the CIA or the source cited on each page.