Economy of Turkey

The economy of Turkey is an emerging market economy, as defined by the International Monetary Fund.[36] Turkey is defined by economists and political scientists as one of the world's newly industrialized countries. With a population of 83.4 million as of 2021,[37] Turkey has the world's 20th-largest nominal GDP,[6] and 11th-largest GDP by PPP.[6] The country is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics and home appliances (see the related chapters below).

Economy of Turkey
Levent business district in Istanbul
CurrencyTurkish lira (TRY, ₺)
Calendar year[1]
Trade organisations
G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, D-8, World Bank, IMF, AIIB
Country group
Statistics
Population 83,154,997 (1 January 2020)[5]
GDP
$794.530 billion (Nominal, 2021 est.)[6]
  • $2.749 trillion (PPP, 2021 est.)[6]
GDP rank
GDP growth
  • 2.8% (2018) 0.9% (2019)
  • 1.8% (2020) 9.2% (2021f)[7]
GDP per capita
  • $9,327 (Nominal, 2021 est.)[6]
  • $32,278 (PPP, 2021 est.)[6]
GDP per capita rank
GDP by sector
10.8% (December 2020)[9]
Population below poverty line
  • 8.4% (2018)[10]
  • 11.7% at risk of poverty or social exclusion (AROPE, 2019)[11]
  • 2.3% on less than $5.50/day (2020f)[12]
41.7 medium (2019)[13]
Labour force
  • 41,817,015 (2020)[16]
  • 45,1% employment rate (July 2021)[17]
  • about 3.2 million Turks work abroad[1]
Labour force by occupation
Unemployment
  • 12% (July 2021)[18]
  • 21.3% youth unemployment rate (15 to 24 year-olds; November 2020)[9]
Average gross salary
TRY ~6600 / €620 / $700 monthly (December, 2020)
TRY ~3299 / €355 / $423 monthly (December, 2020)
Main industries
33rd (very easy, 2020)[19]
External
Exports $166.9 billion (26th) (2020)[20]
Export goods
Main export partners
Imports $210 billion (24th) (2020)[23]
Import goods
Main import partners
FDI stock
  • $180.3 billion (31 December 2017 est.)[1]
  • Abroad: $47.44 billion (31 December 2017 est.)[1]
−$27.6 billion (2018)[26]
$452.4 billion (31 December 2017 est.) (29th) [1]
Public finances
26.5% of GDP (2017)[27]
−1.5% (of GDP) (2017 est.)[1]
Revenues172.8 billion (2017 est.)[1]
Expenses185.8 billion (2017 est.)[1]
Economic aiddonor: $6.182 billion, 0.79% of GNI.[28][29]
Foreign reserves
$ 120 billion (31st July 2021)[33] (24th)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
After becoming one of the early members of the Council of Europe in 1950, Turkey became an associate member of the EEC in 1963, joined the EU Customs Union in 1995 and started full membership negotiations with the European Union in 2005.[34][35]

Over the past 20 years, there have been major developments in the economic and social aspects of Turkey's economy. There have been increases in levels of employment and income since 2000.[37] Turkey has recently slowed down in its economic progress, due to significant changes in external and internal factors. Among the challenges the country faces are an increase in the numbers of refugees of the Syrian civil war which cross its borders, and a reduction in Turkey's economic reforms.[37]